Rigetti Computing (NASDAQ:RGTI) Stock Price Up 5.1% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was up 5.1% during mid-day trading on Thursday . The company traded as high as $14.25 and last traded at $14.19. Approximately 25,431,694 shares traded hands during mid-day trading, a decline of 14% from the average daily volume of 29,640,166 shares. The stock had previously closed at $13.50.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RGTI. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Thursday, January 22nd. Jefferies Financial Group began coverage on Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target on the stock. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Finally, Benchmark reduced their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.70.

Rigetti Computing Stock Performance

The firm has a market cap of $4.71 billion, a P/E ratio of -20.87 and a beta of 1.82. The company’s 50 day moving average is $17.00 and its 200 day moving average is $25.78.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The company’s revenue was down 17.9% on a year-over-year basis. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the business’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 $74,810.40. Following the sale, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. The trade was a 2.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Heritage Wealth Advisors raised 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 valued at $26,000 after buying an additional 954 shares during the last quarter. Larson Financial Group LLC grew its holdings in Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after acquiring an additional 707 shares during the last quarter. EFG International AG acquired a new position in Rigetti Computing in the 4th quarter valued at approximately $28,000. Tsfg LLC increased its position in Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Rigetti Computing by 180.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after acquiring an additional 858 shares during the last quarter. Institutional investors and hedge funds 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.