Rigetti Computing (NASDAQ:RGTI) Trading 30.6% Higher – Time to Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 30.6% on Thursday . The stock traded as high as $22.10 and last traded at $22.04. Approximately 141,930,565 shares traded hands during trading, an increase of 361% from the average daily volume of 30,806,242 shares. The stock had previously closed at $16.88.

Rigetti Computing News Roundup

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

• Positive Sentiment: Rigetti announced a letter of intent with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding over three years to accelerate superconducting quantum R&D, giving the company a strong credibility boost and a potential source of non-dilutive-like strategic support for development. Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research
• Positive Sentiment: The broader quantum-computing group is surging after Washington’s reported $2 billion push for the sector, lifting Rigetti along with peers like IonQ, D-Wave and Quantum Computing Inc. as investors rotate into the theme. Quantum rally sends Rigetti stock toward key resistance zone
• Positive Sentiment: Media coverage highlights Rigetti as a beneficiary of the government-backed quantum race, which is amplifying momentum and drawing in speculative buyers. Ca$htag$: RGTI Surges as Bulls Pile into Quantum Stocks
• Neutral Sentiment: Some commentary notes Rigetti still faces execution and valuation questions, and a separate headline pointed to concerns about a shelf registration and wider Q1 losses, underscoring that the rally is being driven more by catalysts and sentiment than by near-term fundamentals. Rigetti Computing (RGTI) Is Down 8.3% After Shelf Registration And Q1 Losses Widening Concerns
• Negative Sentiment: The Commerce Department deal contemplates an equity stake for the government, which could dilute existing shareholders if finalized. Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on RGTI shares. TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Benchmark reduced their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a research report on Tuesday, May 12th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Mizuho reduced their price target on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Trading Up 19.9%

The business has a fifty day simple moving average of $16.82 and a two-hundred day simple moving average of $20.88. The company has a market cap of $8.78 billion, a PE ratio of -30.37 and a beta of 1.79.

Rigetti Computing (NASDAQ:RGTI) last posted 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. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same period last year, the firm posted ($0.05) earnings per share. The company’s revenue for the quarter was up 198.9% on a year-over-year basis. Equities analysts expect that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of the company’s 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 in the company, valued at $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were 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 approximately $3,076,669.68. This represents a 2.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Rigetti Computing by 40.4% in the 3rd 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 during the last quarter. Victory Capital Management Inc. raised its position 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 buying an additional 2,422,873 shares during the period. Ameriprise Financial Inc. acquired a new position in Rigetti Computing in the second quarter valued at approximately $21,887,000. Norges Bank purchased a new position in Rigetti Computing in the fourth quarter worth approximately $38,889,000. Finally, Clear Street Group Inc. purchased a new position in Rigetti Computing in the third quarter worth approximately $47,752,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.