Rigetti Computing (NASDAQ:RGTI) Trading 5.3% Higher – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 5.3% during mid-day trading on Monday . The stock traded as high as $22.79 and last traded at $21.77. 35,293,884 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 35,833,070 shares. The stock had previously closed at $20.68.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Mizuho dropped their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Benchmark dropped their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Price Performance

The stock has a fifty day moving average price of $18.68 and a two-hundred day moving average price of $20.34. The company has a market cap of $7.23 billion, a P/E ratio of -25.01 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. During the same quarter last year, the company earned ($0.05) earnings per share. The company’s revenue for the quarter was up 198.9% on a year-over-year basis. Equities analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction that occurred on 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 approximately $3,945,724.65. This trade represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 562,758 shares of company stock valued at $13,916,267 over the last ninety days. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

A number of institutional investors and hedge funds have recently modified their holdings of the business. Clear Street Group Inc. purchased a new position in Rigetti Computing during the third quarter worth about $47,752,000. Van ECK Associates Corp grew its position in Rigetti Computing by 384.2% during the third quarter. Van ECK Associates Corp now owns 548,217 shares of the company’s stock worth $16,331,000 after buying an additional 434,995 shares in the last quarter. Intech Investment Management LLC grew its position in Rigetti Computing by 66.3% during the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock worth $2,664,000 after buying an additional 47,935 shares in the last quarter. Spear Advisors LLC purchased a new position in Rigetti Computing during the fourth quarter worth about $2,062,000. Finally, Elevatus Welath Management purchased a new position in Rigetti Computing during the third quarter worth about $4,284,000. 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.