Rigetti Computing (NASDAQ:RGTI) Trading Up 6.1% – Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 6.1% during trading on Thursday . The company traded as high as $21.23 and last traded at $20.63. 46,073,097 shares were traded during trading, an increase of 28% from the average session volume of 36,015,238 shares. The stock had previously closed at $19.44.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RGTI. Northland Securities started coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Benchmark lowered their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Mizuho dropped 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. Finally, TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Eight equities research analysts have rated the stock with a Buy rating, four have issued 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 price target of $29.18.

Rigetti Computing Trading Up 6.1%

The business has a 50-day moving average of $19.08 and a 200 day moving average of $20.25. The firm has a market capitalization of $6.86 billion, a PE ratio of -23.71 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $4.40 million for the quarter, compared to the consensus estimate 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 business’s revenue for the quarter 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. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of Rigetti Computing stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the transaction, the chief financial officer owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This trade represents a 2.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer owned 325,945 shares in the company, valued at $8,279,003. The trade was a 60.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 643,957 shares of company stock worth $15,800,744. 1.60% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Rigetti Computing by 40.4% in the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after purchasing an additional 9,228,888 shares during the last quarter. Victory Capital Management Inc. grew its stake in Rigetti Computing by 1,632.5% in the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after purchasing an additional 2,422,873 shares during the period. Ameriprise Financial Inc. purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at $21,887,000. Norges Bank purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at $38,889,000. Finally, Clear Street Group Inc. bought a new stake in shares of Rigetti Computing during the 3rd quarter worth $47,752,000. 35.38% of the stock is currently owned by institutional investors.

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.