Rigetti Computing (NASDAQ:RGTI) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Rigetti Computing (NASDAQ:RGTI) released its earnings results on Monday. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01, FiscalAI reports. The company had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.

Rigetti Computing Stock Performance

Rigetti Computing stock traded up $1.57 during mid-day trading on Monday, reaching $20.51. The company’s stock had a trading volume of 41,999,806 shares, compared to its average volume of 29,668,611. Rigetti Computing has a 12-month low of $9.85 and a 12-month high of $58.15. The company has a market capitalization of $6.81 billion, a P/E ratio of -30.16 and a beta of 1.79. The firm’s fifty day moving average price is $16.41 and its two-hundred day moving average price is $22.36.

Analyst Upgrades and Downgrades

RGTI has been the subject of several research analyst reports. B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target for the company in a research note on Thursday, January 22nd. Northland Securities initiated coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They set a “market perform” rating and a $20.00 price target for the company. Wedbush raised their price target on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Mizuho decreased their price target on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Finally, TD Cowen lowered shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and an average price target of $30.64.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Danske Bank A S purchased a new position in shares of Rigetti Computing during the 3rd quarter valued at $30,000. Parallel Advisors LLC lifted its holdings in shares of Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after acquiring an additional 871 shares during the last quarter. Heritage Wealth Advisors lifted its holdings in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares during the last quarter. EFG International AG bought a new stake in shares of Rigetti Computing during the 4th quarter worth $28,000. Finally, Ancora Advisors LLC bought a new stake in shares of Rigetti Computing during the 3rd quarter worth $38,000. 35.38% of the stock is currently owned by hedge funds and other 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.