Rigetti Computing (NASDAQ:RGTI) Stock Jumps 3.1% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 3.1% during mid-day trading on Thursday. The company traded as high as $16.60 and last traded at $16.50. Approximately 18,776,705 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 30,400,762 shares. The stock had previously closed at $16.00.

Trending Headlines about Rigetti Computing

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

• Positive Sentiment: Quantum stocks have extended their rebound following industry technology developments, including IonQ’s collaboration with NVIDIA. Rigetti has also attracted attention because of a potential CHIPS Act funding award from the U.S. Department of Commerce. Rigetti Computing Rides Quantum Momentum
• Positive Sentiment: Rigetti’s working quantum hardware and potential government support differentiate it from some competitors and could improve its ability to commercialize its technology if funding is finalized. BigBear.ai vs. Rigetti Computing
• Neutral Sentiment: Recent coverage frames Rigetti, D-Wave and IonQ as speculative companies competing to survive and reach commercialization. The comparison reinforces investor interest but does not identify a new company-specific catalyst. Rigetti, D-Wave, or IonQ
• Neutral Sentiment: Rigetti shares recently gapped higher as part of the broader quantum-stock rebound, suggesting technical and momentum-driven buying is contributing to the move. Rigetti Shares Gap Up
• Negative Sentiment: Analysts and commentators warn that Rigetti’s valuation may already reflect substantial future success, while revenue remains very small relative to its long-term ambitions. The stock has also suffered a steep year-to-date decline, highlighting its volatility. Rigetti Valuation Analysis
• Negative Sentiment: Quantum companies face pressure from elevated interest rates, demanding valuations and the challenge of converting technical progress into recurring commercial revenue. Quantum Stocks Near Q3 Finish Line

Analysts Set New Price Targets

A number of research firms have recently commented on RGTI. Wedbush began coverage on Rigetti Computing in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price for the company. Benchmark assumed coverage on shares of Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 price objective for the company. Weiss Ratings lowered shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 17th. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price objective on shares of Rigetti Computing in a research note on Friday, August 7th. Finally, Zacks Research downgraded shares of Rigetti Computing from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. 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’s stock. According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Hold” and an average target price of $30.67.

Rigetti Computing Stock Performance

The company has a market cap of $5.56 billion, a PE ratio of -18.51 and a beta of 2.00. The company has a fifty day moving average of $16.07 and a two-hundred day moving average of $17.53.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) 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 company had revenue of $5.14 million during the quarter, compared to analyst estimates of $5.09 million. On average, equities analysts forecast that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, COO David Rivas sold 9,038 shares of the company’s stock in a transaction 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 owned 316,907 shares of the company’s stock, valued at $5,320,868.53. This represents a 2.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Andrew Bestwick sold 5,791 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the sale, the chief technology officer owned 1,036,121 shares in the company, valued at approximately $17,417,194.01. The trade was a 0.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 163,689 shares of company stock worth $2,570,890. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC boosted its position in Rigetti Computing by 10.2% in the 4th quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock valued at $147,000 after buying an additional 615 shares during the period. Main Management ETF Advisors LLC boosted its holdings in shares of Rigetti Computing by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 64,206 shares of the company’s stock valued at $1,422,000 after purchasing an additional 656 shares during the period. WealthPLAN Partners LLC grew its stake in Rigetti Computing by 1.0% in the fourth quarter. WealthPLAN Partners LLC now owns 72,500 shares of the company’s stock worth $1,606,000 after purchasing an additional 723 shares in the last quarter. Tradition Wealth Management LLC increased its holdings in Rigetti Computing by 5.6% during the 4th quarter. Tradition Wealth Management LLC now owns 15,644 shares of the company’s stock worth $347,000 after purchasing an additional 823 shares during the period. Finally, Manchester Capital Management LLC increased its holdings in Rigetti Computing by 12.0% during the 4th quarter. Manchester Capital Management LLC now owns 8,558 shares of the company’s stock worth $190,000 after purchasing an additional 920 shares during the period. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti’s offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.