Rigetti Computing (NASDAQ:RGTI) Trading 5.8% Higher – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 5.8% during mid-day trading on Wednesday . The stock traded as high as $17.21 and last traded at $16.88. 26,945,609 shares changed hands during trading, a decline of 10% from the average session volume of 29,877,018 shares. The stock had previously closed at $15.96.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. B. Riley Financial raised shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target for the company in a research note on Thursday, January 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. TD Cowen downgraded shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Benchmark dropped their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Stock Up 5.8%

The business’s 50 day moving average is $16.54 and its two-hundred day moving average is $21.18. The firm has a market cap of $5.61 billion, a P/E ratio of -19.40 and a beta of 1.79.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The business had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. During the same quarter last year, the firm earned ($0.05) earnings per share. Rigetti Computing’s quarterly revenue was up 198.9% on a year-over-year basis. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently bought and sold shares of RGTI. Vanguard Group Inc. increased its stake in Rigetti Computing by 40.4% in the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares in the last quarter. Victory Capital Management Inc. increased its stake in Rigetti Computing by 1,632.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after purchasing an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in Rigetti Computing in the second quarter valued at $21,887,000. Norges Bank bought a new stake in Rigetti Computing in the fourth quarter valued at $38,889,000. Finally, Clear Street Group Inc. bought a new stake in Rigetti Computing in the third quarter valued at $47,752,000. 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.