Rigetti Computing (NASDAQ:RGTI) Stock Price Up 30.6% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 30.6% on Thursday . The company traded as high as $22.10 and last traded at $22.04. 141,930,565 shares were traded during trading, an increase of 361% from the average session volume of 30,806,242 shares. The stock had previously closed at $16.88.

Rigetti Computing News Summary

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

• Positive Sentiment: Rigetti signed a letter of intent with the U.S. Department of Commerce for up to $100 million in funding to accelerate quantum R&D, signaling strong government support and a potential catalyst for faster development. Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research
• Positive Sentiment: Multiple reports say the White House is advancing a broader $2 billion quantum funding push across several companies, lifting the entire quantum-computing group and adding momentum to RGTI shares. Wall Street Lunch: Washington Advances Quantum Race With $2B CHIPS Funding
• Positive Sentiment: Investors are also focusing on the possibility that the funding improves Rigetti’s cash position and reduces near-term financing pressure, which could support the stock beyond today’s news flow. Why Rigetti Computing Stock Is Rocketing Higher Today
• Neutral Sentiment: Coverage notes that the government deal includes a possible equity stake, which may help fund development but could also add dilution risk if finalized. IBM, D-Wave, Rigetti, GlobalFoundries confirm proposed US quantum funding awards

Analyst Upgrades and Downgrades

A number of research firms have commented on RGTI. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Mizuho reduced their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Northland Securities began coverage on Rigetti Computing in a research note on Monday, April 20th. They set a “market perform” rating and a $20.00 target price on the stock. Finally, Wedbush lifted their price target on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Price Performance

The company has a market capitalization of $7.32 billion, a P/E ratio of -25.33 and a beta of 1.79. The stock’s 50 day moving average is $16.53 and its 200-day moving average is $21.00.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same quarter in the prior year, the business earned ($0.05) EPS. The business’s revenue for the quarter was up 198.9% on a year-over-year basis. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction 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 completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at $3,076,669.68. This represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Heritage Wealth Advisors increased its stake in shares of Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares in the last quarter. Larson Financial Group LLC grew its holdings in Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares during the period. PeakShares LLC purchased a new stake in Rigetti Computing in the first quarter worth about $28,000. EFG International AG purchased a new stake in Rigetti Computing in the fourth quarter worth about $28,000. Finally, Tsfg LLC grew its holdings in Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors 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.