Rigetti Computing (NASDAQ:RGTI) Shares Up 5.5% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 5.5% on Thursday . The stock traded as high as $21.48 and last traded at $21.36. Approximately 35,539,853 shares changed hands during mid-day trading, a decline of 1% from the average session volume of 35,970,039 shares. The stock had previously closed at $20.25.

Analyst Ratings Changes

A number of research firms recently weighed in on RGTI. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, June 11th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Mizuho decreased their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Finally, Benchmark lowered their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Eight analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Stock Performance

The stock’s 50 day moving average price is $20.07 and its 200 day moving average price is $20.07. The company has a market capitalization of $7.10 billion, a P/E ratio of -24.55 and a beta of 1.88.

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

Insider Buying and Selling

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of Rigetti Computing stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the sale, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the transaction, the chief technology officer owned 325,945 shares in the company, valued at $8,279,003. This represents a 60.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 643,957 shares of company stock valued at $15,800,744 over the last ninety days. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in Rigetti Computing by 106.2% during the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after buying an additional 113,644 shares during the period. AQR Capital Management LLC increased its holdings in shares of Rigetti Computing by 138.9% during the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after acquiring an additional 47,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Rigetti Computing by 25.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after purchasing an additional 22,770 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Rigetti Computing by 197.8% in the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after purchasing an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in Rigetti Computing in the 1st quarter valued at $3,115,000. 35.38% of the stock is owned by 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.