Rigetti Computing (NASDAQ:RGTI) Shares Up 4.7% After Earnings Beat

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 4.7% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $17.96 and last traded at $17.76. 26,026,912 shares changed hands during trading, a decline of 17% from the average session volume of 31,469,596 shares. The stock had previously closed at $16.96.

The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $1.87 million for the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several research reports. Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Jefferies Financial Group began coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price for the company. B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Thursday, January 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Finally, TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.60.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of the business. Heritage Wealth Advisors lifted its position in Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after acquiring an additional 954 shares during the last quarter. Larson Financial Group LLC lifted 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 valued at $27,000 after purchasing an additional 707 shares during the period. EFG International AG purchased a new stake in shares of Rigetti Computing in the fourth quarter worth about $28,000. Tsfg LLC grew its stake in shares of Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in Rigetti Computing by 180.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after buying an additional 858 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Stock Up 4.7%

The business’s 50-day simple moving average is $20.63 and its two-hundred day simple moving average is $25.86. The firm has a market cap of $5.86 billion, a price-to-earnings ratio of -13.66 and a beta of 1.71.

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.