Rigetti Computing (NASDAQ:RGTI) Trading Up 5.8% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) was up 5.8% during trading on Wednesday . The company traded as high as $17.21 and last traded at $16.88. Approximately 26,945,609 shares traded hands during trading, a decline of 10% from the average daily volume of 29,877,018 shares. The stock had previously closed at $15.96.

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 Ratings Changes

A number of research firms have issued reports on RGTI. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a report on Tuesday, May 12th. Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Mizuho lowered their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Finally, Benchmark lowered their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Eight 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. According to MarketBeat, 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 stock has a market cap of $8.78 billion, a price-to-earnings ratio of -30.37 and a beta of 1.79. The stock has a fifty day simple moving average of $16.63 and a 200-day simple moving average of $20.84.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data 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 return on equity of 10.40% and a negative net margin of 2,789.71%.The company had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. During the same quarter last year, the firm earned ($0.05) EPS. Rigetti Computing’s revenue for the quarter was up 198.9% compared to the same quarter last year. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the sale, the chief technology officer owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. This trade represents a 5.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing 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 $74,810.40. Following the sale, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. The trade was a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

Several institutional investors have recently modified their holdings of the company. Penserra Capital Management LLC boosted its stake in Rigetti Computing by 43.8% in the 3rd quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock valued at $72,860,000 after buying an additional 744,577 shares in the last quarter. Clear Street Group Inc. acquired a new stake in Rigetti Computing in the 3rd quarter valued at $47,752,000. J. Safra Sarasin Holding AG acquired a new stake in Rigetti Computing in the 3rd quarter valued at $2,576,000. Federated Hermes Inc. boosted its stake in Rigetti Computing by 6,219.1% in the 3rd quarter. Federated Hermes Inc. now owns 100,853 shares of the company’s stock valued at $3,004,000 after buying an additional 99,257 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its stake in Rigetti Computing by 222.3% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 630,655 shares of the company’s stock valued at $18,787,000 after buying an additional 434,989 shares in the last quarter. Institutional investors and hedge funds 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.