Rigetti Computing (NASDAQ:RGTI) Stock Price Up 8.8% – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price rose 8.8% during mid-day trading on Tuesday . The company traded as high as $14.15 and last traded at $14.04. Approximately 26,529,077 shares changed hands during mid-day trading, a decline of 11% from the average daily volume of 29,819,314 shares. The stock had previously closed at $12.90.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research report on Thursday, January 22nd. Needham & Company LLC decreased their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Royal Bank Of Canada downgraded shares of Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price target on the stock. Finally, Benchmark cut their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.70.

Rigetti Computing Stock Up 5.1%

The business has a 50-day simple moving average of $17.00 and a 200-day simple moving average of $25.78. The company has a market cap of $4.71 billion, a PE ratio of -20.87 and a beta of 1.82.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The business had revenue of $1.87 million during the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing’s revenue for the quarter was down 17.9% compared to the same quarter last year. On average, research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the sale, the chief technology officer owned 651,914 shares in the company, valued at $11,421,533.28. This trade represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the sale, the chief financial officer owned 175,609 shares in the company, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Heritage Wealth Advisors increased its stake in Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after buying an additional 954 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the last quarter. EFG International AG purchased a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $28,000. Tsfg LLC lifted its position in shares of Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Rigetti Computing by 180.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after acquiring an additional 858 shares during the last quarter. 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.