Rigetti Computing (NASDAQ:RGTI) Sees Strong Trading Volume – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares saw an uptick in trading volume on Friday . 48,643,149 shares were traded during mid-day trading, an increase of 57% from the previous session’s volume of 30,974,725 shares.The stock last traded at $25.6540 and had previously closed at $22.04.

Trending Headlines about Rigetti Computing

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Rigetti signed a letter of intent with the U.S. Department of Commerce for up to $100 million in funding over three years to accelerate superconducting quantum-computing R&D, reinforcing government support and strengthening the company’s growth narrative. Article Title
• Positive Sentiment: The broader quantum-computing group is rallying after reports of a large U.S. funding push, which is lifting sentiment across the sector and helping Rigetti break through key technical levels. Article Title
• Neutral Sentiment: Analysts and market commentary say the stock is approaching a key resistance zone after the recent quantum rally, suggesting traders are watching for whether momentum can continue. Article Title
• Negative Sentiment: Some coverage is focusing on risks tied to a shelf registration and widening Q1 losses, which could raise dilution and profitability concerns for investors. Article Title

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RGTI. Needham & Company LLC reissued a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a report on Thursday, March 5th. Finally, Northland Securities began coverage on Rigetti Computing in a report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Price Performance

The firm has a fifty day simple moving average of $16.63 and a 200-day simple moving average of $20.84. The firm has a market cap of $8.97 billion, a P/E ratio of -31.04 and a beta of 1.79.

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

Insider Activity at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was 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 of the company’s stock, valued at $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO David Rivas sold 36,719 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value 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 approximately $11,421,533.28. This trade represents a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the stock. Penserra Capital Management LLC raised its stake in shares of Rigetti Computing by 43.8% in the third quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock worth $72,860,000 after purchasing an additional 744,577 shares during the last quarter. Clear Street Group Inc. purchased a new stake in shares of Rigetti Computing during the third quarter valued at approximately $47,752,000. J. Safra Sarasin Holding AG purchased a new stake in shares of Rigetti Computing during the third quarter valued at approximately $2,576,000. Federated Hermes Inc. increased its position in shares of Rigetti Computing by 6,219.1% during the third quarter. Federated Hermes Inc. now owns 100,853 shares of the company’s stock valued at $3,004,000 after acquiring an additional 99,257 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its position in shares of Rigetti Computing by 222.3% during the third quarter. Y Intercept Hong Kong Ltd now owns 630,655 shares of the company’s stock valued at $18,787,000 after acquiring an additional 434,989 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other 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.