Rigetti Computing (NASDAQ:RGTI) Shares Up 1.1% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 1.1% during trading on Friday . The stock traded as high as $19.25 and last traded at $18.82. 16,904,266 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 32,838,086 shares. The stock had previously closed at $18.62.

Analysts Set New Price Targets

RGTI has been the topic of a number of research analyst reports. Benchmark initiated coverage on Rigetti Computing in a report on Monday, July 27th. They set a “buy” rating and a $25.00 target price on the stock. Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Friday, August 7th. Finally, Wedbush assumed coverage on Rigetti Computing in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price objective for the company. Seven 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, Rigetti Computing presently has a consensus rating of “Moderate Buy” and an average price target of $30.67.

Rigetti Computing Trading Up 1.1%

The firm has a market capitalization of $6.26 billion, a P/E ratio of -20.91 and a beta of 1.99. The business’s 50 day simple moving average is $17.68 and its two-hundred day simple moving average is $17.84.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The firm had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. Analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 499,328 shares of the company’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 approximately $8,279,003. This represents a 60.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ray O. Johnson sold 122,188 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the sale, the director owned 171,273 shares in the company, valued at approximately $3,648,114.90. This represents a 41.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently modified their holdings of RGTI. Heritage Wealth Advisors increased its holdings in 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 buying an additional 954 shares in the last quarter. Larson Financial Group LLC lifted its stake in Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the period. PeakShares LLC purchased a new stake in shares of Rigetti Computing during the 1st quarter valued at about $28,000. EFG International AG purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at about $28,000. Finally, Tsfg LLC grew its stake in shares of 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 acquiring an additional 1,000 shares during the period. 35.38% of the stock is 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.