Rigetti Computing (NASDAQ:RGTI) Shares Up 1.6% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 1.6% during trading on Thursday . The stock traded as high as $23.96 and last traded at $22.82. 34,074,478 shares were traded during mid-day trading, a decline of 52% from the average session volume of 70,648,016 shares. The stock had previously closed at $22.47.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on RGTI shares. Mizuho initiated coverage on Rigetti Computing in a research note on Thursday, December 11th. They issued an “outperform” rating and a $50.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday. B. Riley decreased their target price on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Jefferies Financial Group initiated coverage on shares of Rigetti Computing in a report on Tuesday. They issued a “hold” rating and a $30.00 price target on the stock. Finally, Wedbush initiated coverage on Rigetti Computing in a report on Wednesday. They set an “outperform” rating and a $35.00 price objective for the company. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $31.22.

Rigetti Computing Stock Performance

The stock has a 50 day moving average of $32.42 and a 200-day moving average of $23.10. The company has a market cap of $7.84 billion, a PE ratio of -18.28 and a beta of 1.68.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing’s quarterly revenue was down 18.1% compared to the same quarter last year. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the sale, the director directly owned 120,371 shares of the company’s stock, valued at approximately $5,403,454.19. This trade represents a 34.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RGTI. IFP Advisors Inc grew its position in Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after buying an additional 1,300 shares during the period. Danske Bank A S acquired a new position in Rigetti Computing in the 3rd quarter valued at $30,000. Quarry LP purchased a new position in Rigetti Computing in the 1st quarter valued at $31,000. Parallel Advisors LLC boosted its stake in Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares during the last quarter. Finally, Armstrong Advisory Group Inc. grew its holdings in shares of Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after buying an additional 2,060 shares in the last quarter. 35.38% of the stock is currently 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.