Rigetti Computing (NASDAQ:RGTI) Shares Up 1.9% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 1.9% during mid-day trading on Friday . The company traded as high as $20.17 and last traded at $19.81. 40,124,019 shares were traded during mid-day trading, an increase of 32% from the average session volume of 30,386,014 shares. The stock had previously closed at $19.45.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RGTI. Royal Bank Of Canada cut shares of Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a report on Thursday, March 5th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday. TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Finally, Mizuho lowered their price target on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.70.

Rigetti Computing Stock Performance

The stock has a market capitalization of $6.58 billion, a P/E ratio of -29.13 and a beta of 1.82. The company’s fifty day simple moving average is $16.04 and its two-hundred day simple moving average is $24.82.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The company had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. The firm’s quarterly revenue was down 17.9% compared to the same quarter last year. On average, research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the transaction, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. This trade represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RGTI. Vanguard Group Inc. increased its stake in Rigetti Computing by 12.2% in the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after acquiring an additional 3,924,171 shares during the last quarter. State Street Corp increased its stake in Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after acquiring an additional 946,850 shares during the last quarter. Geode Capital Management LLC increased its stake in Rigetti Computing by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after acquiring an additional 196,891 shares during the last quarter. UBS Group AG increased its stake in Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after acquiring an additional 1,467,483 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Rigetti Computing by 16.3% in the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock valued at $84,785,000 after acquiring an additional 397,905 shares during the last quarter. 35.38% of the stock is owned by institutional investors.

About Rigetti Computing

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.