Rigetti Computing (NASDAQ:RGTI) Trading 2.5% Higher – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 2.5% during trading on Tuesday . The company traded as high as $18.24 and last traded at $18.09. Approximately 16,317,961 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 33,132,277 shares. The stock had previously closed at $17.65.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several recent analyst reports. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday. Wedbush started coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price for the company. Northland Securities started coverage on Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price target for the company. Jefferies Financial Group reissued a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research report on Friday. Finally, Needham & Company LLC restated a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Seven equities research 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 data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Moderate Buy” and an average target price of $30.67.

Rigetti Computing Stock Up 2.5%

The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of -20.10 and a beta of 1.99. The company’s fifty day simple moving average is $18.12 and its 200 day simple moving average is $17.96.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.82%. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the sale, the chief technology officer directly owned 325,945 shares in the company, valued at $8,279,003. The trade was a 60.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ray O. Johnson sold 122,188 shares of the company’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 completion of the transaction, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. This represents a 41.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 728,901 shares of company stock valued at $17,546,343 in the last three months. 1.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Rigetti Computing by 12.2% during the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after purchasing an additional 3,924,171 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Rigetti Computing by 1,632.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after buying an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in shares of Rigetti Computing in the second quarter valued at approximately $21,887,000. Norges Bank bought a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $38,889,000. Finally, Defiance ETFs LLC acquired a new stake in Rigetti Computing during the fourth quarter worth approximately $34,267,000. Institutional investors and hedge funds 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.