Rigetti Computing (NASDAQ:RGTI) Stock Price Up 8.5% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 8.5% on Thursday . The company traded as high as $17.51 and last traded at $17.45. 25,310,041 shares traded hands during trading, a decline of 16% from the average session volume of 29,989,670 shares. The stock had previously closed at $16.08.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RGTI. Wedbush boosted their price target on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, March 5th. Northland Securities began coverage on Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 price target on the stock. B. Riley Financial raised Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Thursday, January 22nd. Finally, Benchmark lowered their price target 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. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.64.

Rigetti Computing Price Performance

The firm has a 50-day moving average price of $16.23 and a 200 day moving average price of $23.52. The company has a market cap of $5.80 billion, a price-to-earnings ratio of -25.66 and a beta of 1.82.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate 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 company had revenue of $1.87 million for the quarter, compared to the consensus estimate of $2.33 million. The company’s revenue was down 17.9% compared to the same quarter last year. On average, equities analysts anticipate that Rigetti Computing, Inc. will post -0.16 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s 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 transaction, the chief financial officer owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at $11,421,533.28. The trade was a 5.33% decrease in their position. The SEC filing for this sale provides additional information.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in RGTI. Danske Bank A S acquired a new stake in Rigetti Computing during the third quarter worth approximately $30,000. Parallel Advisors LLC grew its position in Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after buying an additional 871 shares in the last quarter. Clearstead Advisors LLC acquired a new stake in Rigetti Computing during the third quarter worth approximately $35,000. Heritage Wealth Advisors grew its position in Rigetti Computing by 454.3% during the fourth 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. Finally, Larson Financial Group LLC grew its position in Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 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.