Rigetti Computing (NASDAQ:RGTI) Trading Up 8.9% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price rose 8.9% during mid-day trading on Tuesday . The company traded as high as $17.72 and last traded at $17.45. 24,002,817 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 33,550,035 shares. The stock had previously closed at $16.02.

Analyst Upgrades and Downgrades

RGTI has been the topic of several research analyst reports. Benchmark initiated coverage on Rigetti Computing in a research note on Monday, July 27th. They set a “buy” rating and a $25.00 price target on the stock. Weiss Ratings raised Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a report on Tuesday, May 12th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Finally, Northland Securities assumed coverage on Rigetti Computing in a research note on Monday, April 20th. They set a “market perform” rating and a $20.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Rigetti Computing has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Rigetti Computing Trading Up 8.9%

The business has a 50 day moving average of $18.95 and a 200-day moving average of $18.24. The stock has a market cap of $5.80 billion, a PE ratio of -20.06 and a beta of 1.95.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. During the same quarter last year, the business posted ($0.05) earnings per share. Rigetti Computing’s revenue was up 198.9% compared to the same quarter last year. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 499,328 shares of the 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 sale, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. This trade represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ray O. Johnson sold 84,944 shares of Rigetti Computing stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $20.55, for a total value of $1,745,599.20. Following the sale, the director owned 95,537 shares of the company’s stock, valued at approximately $1,963,285.35. This represents a 47.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 728,901 shares of company stock valued at $17,546,343 over the last quarter. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Heritage Wealth Advisors raised its position in shares of Rigetti Computing by 454.3% in the fourth 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 boosted its position in Rigetti Computing by 138.4% during the fourth 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. PeakShares LLC acquired a new stake in Rigetti Computing during the first quarter worth approximately $28,000. EFG International AG purchased a new stake in Rigetti Computing in the 4th quarter worth approximately $28,000. Finally, Tsfg LLC grew its stake in Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after acquiring an additional 1,000 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.