Rigetti Computing (NASDAQ:RGTI) Stock Price Up 2.2% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were up 2.2% on Wednesday . The stock traded as high as $17.06 and last traded at $16.92. 19,247,901 shares changed hands during trading, a decline of 46% from the average session volume of 35,319,629 shares. The stock had previously closed at $16.55.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Benchmark dropped their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Mizuho lowered their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Northland Securities assumed coverage on Rigetti Computing in a report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and a consensus target price of $30.60.

Rigetti Computing Price Performance

The company has a market capitalization of $5.62 billion, a P/E ratio of -19.45 and a beta of 1.95. The firm’s 50-day moving average is $20.42 and its 200-day moving average is $19.43.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share 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 the consensus estimate of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The company’s quarterly revenue was up 198.9% on a year-over-year basis. During the same period last year, the firm earned ($0.05) earnings per share. As a group, analysts forecast that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In related news, Director Ray O. Johnson sold 122,188 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total value of $2,602,604.40. Following the transaction, the director directly owned 171,273 shares of the company’s stock, valued at approximately $3,648,114.90. The trade was a 41.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the transaction, the chief financial officer owned 171,927 shares of the company’s stock, valued at $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. 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. Insiders have sold 728,901 shares of company stock valued at $17,546,343 over the last quarter. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Clear Street Group Inc. bought a new stake in shares of Rigetti Computing in the 3rd quarter valued at approximately $47,752,000. Intech Investment Management LLC boosted its stake in shares of Rigetti Computing by 66.3% during the 4th quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock worth $2,664,000 after purchasing an additional 47,935 shares during the period. Patriot Financial Group Insurance Agency LLC grew its holdings in Rigetti Computing by 105.3% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock valued at $1,733,000 after purchasing an additional 63,331 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Rigetti Computing by 384.2% during the third quarter. Van ECK Associates Corp now owns 548,217 shares of the company’s stock valued at $16,331,000 after buying an additional 434,995 shares during the last quarter. Finally, Spear Advisors LLC purchased a new stake in Rigetti Computing in the fourth quarter worth $2,062,000. Institutional investors own 35.38% of the company’s stock.

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.