Rigetti Computing (NASDAQ:RGTI) Trading 2.2% Higher – Here’s What Happened

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

Analyst Ratings Changes

A number of research firms have issued reports on RGTI. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Mizuho reduced their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Benchmark decreased their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Finally, Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company 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 $5.50 billion, a price-to-earnings ratio of -19.01 and a beta of 1.95. The stock has a 50 day simple moving average of $20.43 and a two-hundred day simple moving average of $19.35.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data 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. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. During the same period in the prior year, the firm posted ($0.05) EPS. The business’s quarterly revenue was up 198.9% compared to the same quarter last year. Equities research analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 122,188 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the sale, the director owned 171,273 shares of the company’s stock, valued at approximately $3,648,114.90. This trade represents a 41.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 business’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 transaction of $84,501.90. Following the sale, the chief financial officer owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This represents a 2.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 728,901 shares of company stock valued at $17,546,343 over the last three months. 1.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Heritage Wealth Advisors grew its holdings in shares of Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares during the last quarter. Larson Financial Group LLC boosted its position in shares of Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares during the period. PeakShares LLC purchased a new position in Rigetti Computing during the 1st quarter worth approximately $28,000. EFG International AG purchased a new position in Rigetti Computing during the 4th quarter worth approximately $28,000. Finally, Tsfg LLC increased its position in Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares during the period. 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.