Rigetti Computing (NASDAQ:RGTI) Shares Up 1.1% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was up 1.1% during mid-day trading on Thursday . The stock traded as high as $19.37 and last traded at $18.62. Approximately 19,268,397 shares were traded during trading, a decline of 42% from the average session volume of 32,953,578 shares. The stock had previously closed at $18.42.

Wall Street Analyst Weigh In

A number of research analysts have commented on RGTI shares. Benchmark began coverage on Rigetti Computing in a research note on Monday, July 27th. They issued a “buy” rating and a $25.00 target price on the stock. Jefferies Financial Group reaffirmed a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Weiss Ratings lowered Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Northland Securities began coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a report on Tuesday, May 12th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Rigetti Computing currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.67.

Rigetti Computing Trading Up 1.1%

The stock has a fifty day moving average price of $17.83 and a 200 day moving average price of $17.87. The firm has a market cap of $6.19 billion, a price-to-earnings ratio of -20.69 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $5.14 million during the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative return on equity of 17.82% and a negative net margin of 2,189.54%. On average, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Activity

In related news, Director Ray O. Johnson sold 122,188 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the transaction, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. This trade represents a 41.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief technology officer owned 325,945 shares in the company, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 728,901 shares of company stock valued at $17,546,343 over the last 90 days. 1.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently bought and sold shares of RGTI. Clear Street Group Inc. boosted its stake in Rigetti Computing by 71.1% in the 4th quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock valued at $60,761,000 after buying an additional 1,140,183 shares in the last quarter. Patriot Financial Group Insurance Agency LLC raised its stake in Rigetti Computing by 105.3% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock worth $1,733,000 after acquiring an additional 63,331 shares in the last quarter. Intech Investment Management LLC raised its stake in Rigetti Computing by 66.3% during the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock worth $2,664,000 after acquiring an additional 47,935 shares in the last quarter. Spear Advisors LLC bought a new position in shares of Rigetti Computing during the fourth quarter valued at $2,062,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Rigetti Computing during the fourth quarter valued at $4,937,000. 35.38% of the stock is currently owned by institutional investors.

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.