Rigetti Computing (NASDAQ:RGTI) Trading Up 4.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 4.9% on Tuesday . The stock traded as high as $26.48 and last traded at $26.8950. 69,812,923 shares traded hands during trading, an increase of 35% from the average session volume of 51,889,960 shares. The stock had previously closed at $25.63.

Rigetti Computing News Summary

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

• Positive Sentiment: Rigetti could benefit from up to $100 million in potential U.S. Commerce Department/CHIPS Act-backed quantum R&D funding, which may help accelerate development and address scaling challenges. Article Title
• Positive Sentiment: The company’s recent 108-qubit launch, cloud availability, and new international contract highlight continued commercial progress and reinforce the bullish case for quantum computing exposure. Article Title
• Positive Sentiment: Analysts remain broadly constructive, with multiple buy ratings and an average “Moderate Buy” view, which can help keep momentum traders interested in RGTI.
• Positive Sentiment: IBM’s large quantum investment is also being viewed as a sector tailwind that could validate the broader market opportunity for smaller quantum players like Rigetti. Article Title

Wall Street Analyst Weigh In

Several equities research analysts recently commented on RGTI shares. Mizuho cut their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Needham & Company LLC restated a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing 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 research note on Thursday, March 5th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, Benchmark lowered their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Price Performance

The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of -27.69 and a beta of 1.88. The business has a fifty day moving average of $18.40 and a 200 day moving average of $20.38.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results 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 company had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. During the same quarter last year, the firm earned ($0.05) earnings per share. The firm’s quarterly revenue was up 198.9% compared to the same quarter last year. On average, equities research analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Transactions at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the sale, the chief financial officer directly owned 171,927 shares in the company, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of 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 position. The SEC filing for this sale provides additional information. Insiders have sold a total of 562,758 shares of company stock valued at $13,916,267 over the last three months. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its position in shares of Rigetti Computing by 6.7% during the 1st quarter. NewEdge Advisors LLC now owns 65,694 shares of the company’s stock worth $922,000 after purchasing an additional 4,149 shares during the period. Janus Henderson Group PLC increased its holdings in Rigetti Computing by 7.3% in the 1st quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock valued at $2,809,000 after purchasing an additional 13,666 shares during the last quarter. Encore Global Management LP purchased a new stake in Rigetti Computing in the first quarter valued at approximately $1,685,000. Amundi lifted its stake in Rigetti Computing by 124.8% during the first quarter. Amundi now owns 60,012 shares of the company’s stock worth $843,000 after purchasing an additional 33,317 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Rigetti Computing by 31.8% during the first quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock worth $65,000 after purchasing an additional 1,121 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.