Rigetti Computing (NASDAQ:RGTI) Stock Price Up 9.7% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) rose 9.7% on Monday . The stock traded as high as $22.69 and last traded at $22.6810. Approximately 26,139,265 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 35,736,727 shares. The stock had previously closed at $20.68.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RGTI. Needham & Company LLC reiterated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Benchmark reduced their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Mizuho reduced 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. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, Northland Securities began coverage on Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price target for the company. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Stock Up 5.3%

The firm has a market cap of $7.24 billion, a P/E ratio of -25.02 and a beta of 1.88. The business has a fifty day moving average of $18.68 and a 200 day moving average of $20.34.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data 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. 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 in the previous year, the company posted ($0.05) earnings per share. The business’s revenue was up 198.9% on a year-over-year basis. Research analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Buying and Selling

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the sale, the chief financial officer owned 171,927 shares in the company, valued at $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 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 sale, the chief technology officer owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This represents a 60.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 562,758 shares of company stock valued at $13,916,267. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors have recently made changes to their positions in the company. Heritage Wealth Advisors boosted its holdings in shares of 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 acquiring an additional 954 shares during the period. Larson Financial Group LLC raised its position in shares of Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after buying an additional 707 shares in the last quarter. PeakShares LLC acquired a new stake in shares of Rigetti Computing in the first quarter valued at approximately $28,000. EFG International AG acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $28,000. Finally, Tsfg LLC raised its position in shares of Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares in the last quarter. 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.