Rigetti Computing (NASDAQ:RGTI) Shares Up 2.5% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 2.5% during mid-day trading on Tuesday . The company traded as high as $22.58 and last traded at $22.31. 27,178,972 shares changed hands during mid-day trading, a decline of 19% from the average session volume of 33,648,070 shares. The stock had previously closed at $21.76.

Analyst Ratings Changes

Several equities research analysts recently weighed in on RGTI shares. Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Wednesday, January 21st. Wedbush upped their price objective on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Williams Trading set a $40.00 target price on shares of Rigetti Computing in a report on Tuesday, November 11th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Finally, Benchmark decreased their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Trading Up 2.5%

The stock’s 50 day moving average is $24.85 and its two-hundred day moving average is $25.53. The stock has a market capitalization of $7.36 billion, a price-to-earnings ratio of -17.16 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results 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 firm had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. The firm’s quarterly revenue was down 18.1% on a year-over-year basis. On average, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Institutional Trading of Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the company. Rothschild Investment LLC grew its stake in shares of Rigetti Computing by 26.1% in the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after acquiring an additional 345 shares in the last quarter. Trust Co. of Toledo NA OH boosted its holdings in Rigetti Computing by 1.7% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock valued at $631,000 after purchasing an additional 357 shares during the period. Prospera Financial Services Inc grew its position in shares of Rigetti Computing by 1.0% during the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after purchasing an additional 419 shares in the last quarter. MAI Capital Management increased its holdings in shares of Rigetti Computing by 17.7% during the third quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after purchasing an additional 566 shares during the period. Finally, GAMMA Investing LLC increased its stake in Rigetti Computing by 25.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock worth $86,000 after acquiring an additional 587 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

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.