Rigetti Computing (NASDAQ:RGTI) Stock Price Up 4.1% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price shot up 4.1% during trading on Friday . The company traded as high as $24.03 and last traded at $23.76. 31,952,516 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 70,488,602 shares. The stock had previously closed at $22.82.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RGTI. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Jefferies Financial Group initiated coverage on shares of Rigetti Computing in a report on Tuesday. They issued a “hold” rating and a $30.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a research report on Tuesday, November 11th. Finally, Mizuho started coverage on shares of Rigetti Computing in a research note on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Rigetti Computing currently has a consensus rating of “Moderate Buy” and an average price target of $29.30.

Rigetti Computing Stock Up 4.1%

The company’s 50 day simple moving average is $32.83 and its 200-day simple moving average is $23.02. The firm has a market cap of $7.84 billion, a P/E ratio of -18.28 and a beta of 1.68.

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

Insider Activity

In other news, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares in the company, valued at approximately $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in RGTI. Danske Bank A S bought a new position in shares of Rigetti Computing during the third quarter valued at approximately $30,000. Parallel Advisors LLC lifted its holdings in Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after buying an additional 871 shares during the period. Clearstead Advisors LLC bought a new stake in Rigetti Computing during the 3rd quarter valued at $35,000. Ancora Advisors LLC purchased a new position in shares of Rigetti Computing in the 3rd quarter valued at $38,000. Finally, Fifth Third Bancorp raised its position in shares of Rigetti Computing by 13,960.0% in the 3rd quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock worth $42,000 after acquiring an additional 1,396 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other 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.