Rigetti Computing (NASDAQ:RGTI) Trading 7.2% Higher – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 7.2% on Monday . The company traded as high as $16.30 and last traded at $16.02. Approximately 23,046,176 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 33,615,398 shares. The stock had previously closed at $14.95.

Analysts Set New Price Targets

RGTI has been the topic of several analyst reports. Mizuho cut their price target on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Needham & Company LLC reissued a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, June 11th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Finally, Weiss Ratings upgraded Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $32.00.

Rigetti Computing Trading Down 3.8%

The firm’s 50 day moving average price is $18.80 and its two-hundred day moving average price is $18.18. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of -19.29 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The firm’s revenue was up 198.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.05) EPS. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.23 EPS for the current year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the transaction, the chief technology officer owned 325,945 shares in the company, valued at $8,279,003. This represents a 60.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ray O. Johnson sold 122,188 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the transaction, the director directly owned 171,273 shares in the company, valued at $3,648,114.90. This represents a 41.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 728,901 shares of company stock worth $17,546,343. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in the stock. Clear Street Group Inc. raised its stake in Rigetti Computing by 71.1% in the fourth quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock valued at $60,761,000 after purchasing an additional 1,140,183 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its holdings in Rigetti Computing by 105.3% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock valued at $1,733,000 after buying an additional 63,331 shares during the period. Intech Investment Management LLC increased its holdings in Rigetti Computing by 66.3% in the 4th quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock valued at $2,664,000 after buying an additional 47,935 shares during the period. Spear Advisors LLC acquired a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $2,062,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $4,937,000. Institutional investors 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.