Rigetti Computing (NASDAQ:RGTI) Shares Up 5.9% – Time to Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) rose 5.9% during trading on Monday . The company traded as high as $19.80 and last traded at $19.44. 29,612,873 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 35,897,668 shares. The stock had previously closed at $18.36.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RGTI. Benchmark lowered their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Needham & Company LLC restated a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, June 11th. Finally, Northland Securities initiated coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price on the stock. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Stock Performance

The company’s 50 day moving average price is $20.44 and its 200 day moving average price is $19.67. The company has a market cap of $6.21 billion, a price-to-earnings ratio of -21.47 and a beta of 1.88.

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 during the quarter, compared to analysts’ expectations 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 firm’s revenue for the quarter was up 198.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.05) EPS. As a group, analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was 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 of the company’s stock, valued at $8,279,003. The trade was a 60.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the sale, the chief financial officer 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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 728,901 shares of company stock valued at $17,546,343. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

Several large investors have recently made changes to their positions in the business. Clear Street Group Inc. acquired a new position in shares of Rigetti Computing during the third quarter worth approximately $47,752,000. Intech Investment Management LLC increased its holdings in shares of Rigetti Computing by 66.3% in the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock valued at $2,664,000 after purchasing an additional 47,935 shares in the last quarter. Van ECK Associates Corp raised its position in Rigetti Computing by 384.2% in the 3rd quarter. Van ECK Associates Corp now owns 548,217 shares of the company’s stock worth $16,331,000 after purchasing an additional 434,995 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its holdings in Rigetti Computing by 105.3% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock worth $1,733,000 after buying an additional 63,331 shares in the last quarter. Finally, Spear Advisors LLC bought a new position in Rigetti Computing in the 4th quarter valued at $2,062,000. Institutional investors 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.