Rigetti Computing (NASDAQ:RGTI) Trading 3.3% Higher – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 3.3% on Friday . The stock traded as high as $19.00 and last traded at $18.94. 18,035,445 shares changed hands during trading, a decline of 39% from the average session volume of 29,626,754 shares. The stock had previously closed at $18.34.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Wedbush raised their price objective on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Finally, Northland Securities started coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target for the company. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of “Moderate Buy” and a consensus price target of $30.64.

Rigetti Computing Stock Up 3.3%

The stock has a market cap of $6.29 billion, a price-to-earnings ratio of -27.85 and a beta of 1.79. The business has a 50-day moving average of $16.41 and a 200-day moving average of $22.36.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The company had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. Rigetti Computing’s revenue was down 17.9% on a year-over-year basis. Equities analysts anticipate that Rigetti Computing, Inc. will post -0.16 earnings per share for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the sale, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO David Rivas sold 36,719 shares of the business’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 $643,316.88. Following the completion of the sale, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of the business. Rothschild Investment LLC increased its position in Rigetti Computing by 26.1% during the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after buying an additional 345 shares during the last quarter. Prospera Financial Services Inc lifted its position in shares of Rigetti Computing by 1.0% in the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after buying an additional 419 shares during the last quarter. Kestra Private Wealth Services LLC boosted its stake in shares of Rigetti Computing by 1.4% during the 4th quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after acquiring an additional 535 shares in the last quarter. MAI Capital Management boosted its stake in shares of Rigetti Computing by 17.7% during the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after acquiring an additional 566 shares in the last quarter. Finally, Global Retirement Partners LLC increased its holdings in shares of Rigetti Computing by 10.2% during the 4th quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock valued at $147,000 after acquiring an additional 615 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.