Rigetti Computing (NASDAQ:RGTI) Stock Price Up 12.4% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 12.4% during mid-day trading on Thursday . The company traded as high as $15.00 and last traded at $14.86. Approximately 23,753,381 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 33,809,078 shares. The stock had previously closed at $13.22.

Key Rigetti Computing News

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

• Positive Sentiment: Rigetti’s decline has prompted speculation that a larger technology company could view the quantum-computing specialist as an attractive strategic acquisition target. The possibility is not confirmed, but takeover interest could support the shares. Rigetti’s Pullback Opens Door for Strategic Buyer: Which Tech Giant Will Make a Move?
• Neutral Sentiment: Benchmark has initiated research coverage on Rigetti. The new coverage may increase investor attention, but the available report does not specify a rating or price target. Rigetti Computing Research Coverage Started at Benchmark
• Neutral Sentiment: Second-quarter results from Rigetti, IonQ and D-Wave are expected to help investors assess whether the quantum sector’s sell-off has gone too far. Rigetti’s results will be particularly important because investors are focused on its growth outlook and rising costs. Quantum Earnings Could Decide Whether the Sector’s Sell-Off Has Gone Too Far
• Negative Sentiment: Comparisons with Quantum Computing, Inc. favor QUBT on valuation, its photonic artificial-intelligence strategy and expected analyst upside, making RGTI look less attractive to some investors ahead of earnings. QUBT vs. RGTI: Which Quantum Computing Stock Is the Better Pick Now?
• Negative Sentiment: Another sector comparison says IonQ leads Rigetti in quantum-system accuracy, while Rigetti’s advantage is speed. Concerns that Rigetti trails on performance could weigh on its competitive positioning. Quantum Fallout: 1 Quantum Stock to Buy, 1 to Hold, and 1 to Sell on the Recent Dip

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on RGTI shares. Needham & Company LLC reiterated a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a report on Tuesday, May 12th. Benchmark started coverage on Rigetti Computing in a research report on Monday. They set a “buy” rating and a $25.00 target price on the stock. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Weiss Ratings raised shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 21st. Finally, Northland Securities initiated coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price for the company. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.00.

Rigetti Computing Trading Up 0.6%

The company’s 50-day simple moving average is $19.16 and its 200 day simple moving average is $18.35. The stock has a market cap of $4.97 billion, a P/E ratio of -17.18 and a beta of 1.95.

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

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction dated 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 transaction, the chief technology officer directly owned 325,945 shares in the company, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ray O. Johnson sold 84,944 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the sale, the director owned 95,537 shares of the company’s stock, valued at approximately $1,963,285.35. The trade was a 47.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 728,901 shares of company stock worth $17,546,343 in the last ninety days. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada lifted its holdings in Rigetti Computing by 106.2% during the first quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after purchasing an additional 113,644 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock worth $642,000 after purchasing an additional 47,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Rigetti Computing by 25.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after buying an additional 22,770 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Rigetti Computing by 197.8% in the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after buying an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in Rigetti Computing during the 1st quarter worth approximately $3,115,000. 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.