Rigetti Computing (NASDAQ:RGTI) Trading Up 19.9% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 19.9% during mid-day trading on Friday . The stock traded as high as $27.79 and last traded at $26.42. 202,356,207 shares were traded during trading, an increase of 516% from the average session volume of 32,837,020 shares. The stock had previously closed at $22.04.

More Rigetti Computing News

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Rigetti announced a letter of intent with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding over three years to accelerate superconducting quantum R&D, giving the company a strong credibility boost and a potential source of non-dilutive-like strategic support for development. Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research
• Positive Sentiment: The broader quantum-computing group is surging after Washington’s reported $2 billion push for the sector, lifting Rigetti along with peers like IonQ, D-Wave and Quantum Computing Inc. as investors rotate into the theme. Quantum rally sends Rigetti stock toward key resistance zone
• Positive Sentiment: Media coverage highlights Rigetti as a beneficiary of the government-backed quantum race, which is amplifying momentum and drawing in speculative buyers. Ca$htag$: RGTI Surges as Bulls Pile into Quantum Stocks
• Neutral Sentiment: Some commentary notes Rigetti still faces execution and valuation questions, and a separate headline pointed to concerns about a shelf registration and wider Q1 losses, underscoring that the rally is being driven more by catalysts and sentiment than by near-term fundamentals. Rigetti Computing (RGTI) Is Down 8.3% After Shelf Registration And Q1 Losses Widening Concerns
• Negative Sentiment: The Commerce Department deal contemplates an equity stake for the government, which could dilute existing shareholders if finalized. Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Royal Bank Of Canada downgraded shares of Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a report on Tuesday, May 12th. Mizuho decreased their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Finally, B. Riley Financial raised shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a report on Thursday, January 22nd. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Price Performance

The company’s 50 day moving average price is $16.63 and its two-hundred day moving average price is $20.84. The stock has a market capitalization of $8.78 billion, a PE ratio of -30.37 and a beta of 1.79.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The company’s revenue for the quarter was up 198.9% on a year-over-year basis. During the same period last year, the firm posted ($0.05) earnings per share. Analysts forecast that Rigetti Computing, Inc. will post -0.19 earnings per share for the current year.

Insider Activity

In related news, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the sale, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. This trade represents a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the sale, the chief financial officer owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the company. Danske Bank A S acquired a new stake in Rigetti Computing during the third quarter worth about $30,000. Parallel Advisors LLC increased its position in shares of Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after acquiring an additional 871 shares during the last quarter. Clearstead Advisors LLC acquired a new stake in shares of Rigetti Computing during the third quarter valued at about $35,000. Heritage Wealth Advisors increased its position in shares of 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. Finally, Larson Financial Group LLC increased its position in shares of 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 acquiring an additional 707 shares during the last quarter. 35.38% of the stock is currently 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.