Rigetti Computing (NASDAQ:RGTI) Trading 6.1% Higher – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 6.1% during trading on Thursday . The stock traded as high as $21.23 and last traded at $20.63. 46,073,097 shares traded hands during mid-day trading, an increase of 28% from the average session volume of 36,015,238 shares. The stock had previously closed at $19.44.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Northland Securities assumed coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Mizuho dropped their price target on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Finally, Benchmark dropped 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 note on Friday, March 20th. Eight analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Rigetti Computing presently has an average rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Price Performance

The firm has a market capitalization of $6.97 billion, a PE ratio of -24.11 and a beta of 1.88. The business’s 50-day moving average price is $19.36 and its 200-day moving average price is $20.23.

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

Insider Transactions at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the transaction, the chief financial officer directly owned 171,927 shares in the company, valued at approximately $3,945,724.65. This trade represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 122,188 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the transaction, the director owned 171,273 shares in the company, valued at approximately $3,648,114.90. This trade represents a 41.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 643,957 shares of company stock worth $15,800,744. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after purchasing an additional 9,228,888 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Rigetti Computing by 1,632.5% during the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after purchasing an additional 2,422,873 shares during the period. Ameriprise Financial Inc. acquired a new stake in shares of Rigetti Computing during the second quarter worth $21,887,000. Norges Bank acquired a new stake in shares of Rigetti Computing during the fourth quarter worth $38,889,000. Finally, Clear Street Group Inc. acquired a new stake in shares of Rigetti Computing during the third quarter worth $47,752,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.