Rigetti Computing (NASDAQ:RGTI) Trading 4.9% Higher – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 4.9% during mid-day trading on Tuesday . The company traded as high as $26.48 and last traded at $26.8950. Approximately 69,812,923 shares changed hands during trading, an increase of 35% from the average daily volume of 51,889,960 shares. The stock had previously closed at $25.63.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of research analyst reports. Northland Securities initiated coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price for the company. TD Cowen downgraded shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Stock Performance

The company has a market capitalization of $8.94 billion, a PE ratio of -30.91 and a beta of 1.88. The company has a 50 day moving average price of $17.99 and a 200 day moving average price of $20.39.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $4.40 million for the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm’s quarterly revenue was up 198.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) earnings per share. On average, equities analysts forecast that Rigetti Computing, Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares of the company’s stock, valued at $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 562,758 shares of company stock valued at $13,916,267 over the last quarter. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Rigetti Computing by 12.2% in the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after buying an additional 3,924,171 shares during the period. State Street Corp increased its position in Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after buying an additional 946,850 shares during the period. Geode Capital Management LLC increased its position in Rigetti Computing by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after buying an additional 196,891 shares during the period. UBS Group AG increased its position in Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares during the period. Finally, Northern Trust Corp increased its position in Rigetti Computing by 16.3% in the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after buying an additional 397,905 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

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.