Rigetti Computing (NASDAQ:RGTI) Trading 2.1% Higher – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 2.1% on Thursday . The stock traded as high as $15.32 and last traded at $15.18. Approximately 14,069,217 shares traded hands during trading, a decline of 55% from the average daily volume of 31,409,135 shares. The stock had previously closed at $14.87.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Wedbush started coverage on Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price target for the company. Benchmark initiated coverage on Rigetti Computing in a report on Monday, July 27th. They set a “buy” rating and a $25.00 price objective on the stock. Mizuho decreased their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Weiss Ratings raised Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday. Finally, Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Rigetti Computing currently has an average rating of “Hold” and a consensus price target of $30.67.

Rigetti Computing Trading Up 0.1%

The stock’s 50 day moving average is $16.42 and its two-hundred day moving average is $17.65. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of -16.89 and a beta of 2.00.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. On average, research analysts anticipate that Rigetti Computing, Inc. will post -0.27 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Ray Johnson sold 84,944 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total value of $1,745,599.20. Following the sale, the director owned 95,537 shares in the company, valued at approximately $1,963,285.35. The trade was a 47.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO David Rivas sold 9,038 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total value of $151,748.02. Following the transaction, the chief operating officer directly owned 316,907 shares of the company’s stock, valued at approximately $5,320,868.53. This trade represents a 2.77% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 250,821 shares of company stock worth $5,037,494. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RGTI. Corient Private Wealth LP grew its position in Rigetti Computing by 200.4% in the second quarter. Corient Private Wealth LP now owns 61,212 shares of the company’s stock valued at $1,183,000 after purchasing an additional 40,836 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Rigetti Computing during the 2nd quarter worth about $655,000. California State Teachers Retirement System boosted its stake in shares of Rigetti Computing by 1,861.8% during the 2nd quarter. California State Teachers Retirement System now owns 7,414,688 shares of the company’s stock worth $143,252,000 after buying an additional 7,036,733 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of Rigetti Computing during the 2nd quarter worth about $133,000. Finally, Compass Financial Management LLC bought a new position in shares of Rigetti Computing in the 2nd quarter valued at about $34,000. Institutional investors and hedge funds 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.