Rigetti Computing (NASDAQ:RGTI) Trading 5.4% Higher After Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price rose 5.4% on Thursday after B. Riley upgraded the stock from a neutral rating to a buy rating. B. Riley now has a $35.00 price target on the stock. Rigetti Computing traded as high as $25.50 and last traded at $24.96. Approximately 33,870,910 shares were traded during mid-day trading, a decline of 2% from the average daily volume of 34,595,875 shares. The stock had previously closed at $23.67.

RGTI has been the topic of a number of other reports. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a research note on Tuesday, November 11th. Wedbush raised their price objective on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Jefferies Financial Group began coverage on Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price on the stock. Finally, Mizuho began coverage on Rigetti Computing in a report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price target for the company. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.60.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rothschild Investment LLC raised its stake in Rigetti Computing by 26.1% during the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after acquiring an additional 345 shares during the period. Trust Co. of Toledo NA OH increased its stake in shares of Rigetti Computing by 1.7% in the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock valued at $631,000 after purchasing an additional 357 shares during the period. Prospera Financial Services Inc increased its stake in shares of Rigetti Computing by 1.0% in the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock valued at $1,245,000 after purchasing an additional 419 shares during the period. MAI Capital Management raised its holdings in shares of Rigetti Computing by 17.7% during the third quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after buying an additional 566 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Rigetti Computing by 25.6% during the third quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock worth $86,000 after buying an additional 587 shares during the period. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Stock Performance

The firm has a market capitalization of $8.24 billion, a P/E ratio of -19.20 and a beta of 1.70. The business has a fifty day moving average of $24.95 and a 200-day moving average of $25.23.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $1.95 million during the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company’s revenue for the quarter was down 18.1% compared to the same quarter last year. On average, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

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.