Rigetti Computing (NASDAQ:RGTI) Shares Up 9.8% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 9.8% during mid-day trading on Thursday . The stock traded as high as $27.58 and last traded at $27.03. 85,305,984 shares were traded during mid-day trading, an increase of 150% from the average session volume of 34,173,219 shares. The stock had previously closed at $24.62.

Key Stories Impacting Rigetti Computing

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

• Positive Sentiment: The U.S. government is expected to invest up to $100 million in Rigetti alongside other quantum companies, boosting confidence in the company’s technology and funding prospects. The U.S. Government Just Invested in These 3 Quantum Computing Stocks. Should Retail Investors Follow Suit?
• Positive Sentiment: Rigetti’s 108-qubit Cepheus-1 launch and rising QPU demand are supporting the case that the company can keep advancing toward quantum advantage and future revenue growth. Rigetti Computing’s 108-Qubit Push Keeps Quantum Advantage Hopes Alive
• Positive Sentiment: Market commentary says institutions may be positioning for a possible short squeeze, adding momentum to the stock’s recent strength. This Quantum Computing Stock May Be Closer to a Breakout Than You Think
• Neutral Sentiment: Recent articles highlight rising investor interest in the broader quantum-computing trade, which is lifting the group even as analysts say other names such as QBTS may have more upside from the new federal fund. QBTS or RGTI: Which Quantum Stock Stands Out on $2B Federal Fund?

Analyst Upgrades and Downgrades

RGTI has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a report on Tuesday, May 12th. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research report on Thursday, March 5th. Mizuho decreased their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, Northland Securities initiated coverage on Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Stock Performance

The stock has a market cap of $8.49 billion, a price-to-earnings ratio of -29.36 and a beta of 1.79. The company’s 50 day simple moving average is $17.79 and its two-hundred day simple moving average is $20.52.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating 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 company had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. During the same quarter last year, the business posted ($0.05) EPS. The company’s revenue for the quarter was up 198.9% on a year-over-year basis. On average, equities research analysts predict that Rigetti Computing, Inc. will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the sale, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This trade represents a 2.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 18,759 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.96, for a total value of $430,706.64. Following the completion of the sale, the chief technology officer directly owned 713,155 shares of the company’s stock, valued at approximately $16,374,038.80. The trade was a 2.56% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 63,430 shares of company stock valued at $1,233,336. Insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Rigetti Computing by 40.4% in the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after acquiring an additional 9,228,888 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Rigetti Computing by 1,632.5% during the 4th 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. acquired a new stake in shares of Rigetti Computing in the 2nd quarter valued at $21,887,000. Norges Bank acquired a new stake in shares of Rigetti Computing in the 4th quarter valued at $38,889,000. Finally, Clear Street Group Inc. bought a new stake in Rigetti Computing in the third quarter worth $47,752,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.