Rigetti Computing (NASDAQ:RGTI) Shares Up 2.2% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price rose 2.2% during mid-day trading on Wednesday . The stock traded as high as $17.06 and last traded at $16.92. Approximately 19,247,901 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 35,319,629 shares. The stock had previously closed at $16.55.

Analyst Ratings Changes

A number of brokerages recently issued reports on RGTI. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Benchmark decreased their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Northland Securities initiated coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Finally, Rosenblatt Securities restated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.60.

Rigetti Computing Trading Up 2.2%

The company has a market cap of $5.62 billion, a P/E ratio of -19.45 and a beta of 1.95. The stock’s 50 day moving average is $20.42 and its 200-day moving average is $19.43.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. Rigetti Computing’s revenue was up 198.9% compared to the same quarter last year. During the same period last year, the business earned ($0.05) EPS. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Activity at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the transaction, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the sale, the chief technology officer owned 325,945 shares in the company, valued at approximately $8,279,003. This represents a 60.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 728,901 shares of company stock valued at $17,546,343 over the last 90 days. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Rigetti Computing by 12.2% during the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after buying an additional 3,924,171 shares during the last quarter. Victory Capital Management Inc. raised its position in Rigetti Computing by 1,632.5% in the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after buying an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in Rigetti Computing in the 2nd quarter worth about $21,887,000. Norges Bank bought a new position in Rigetti Computing during the 4th quarter valued at about $38,889,000. Finally, Clear Street Group Inc. bought a new position in Rigetti Computing during the 3rd quarter valued at about $47,752,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.