Rigetti Computing (NASDAQ:RGTI) Stock Price Up 5.1% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 5.1% during trading on Thursday . The stock traded as high as $14.25 and last traded at $14.19. 25,431,694 shares were traded during mid-day trading, a decline of 14% from the average session volume of 29,640,166 shares. The stock had previously closed at $13.50.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RGTI shares. B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research note on Thursday, January 22nd. Benchmark reduced their price objective 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. Jefferies Financial Group began coverage on Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price for the company. Mizuho dropped their target price on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.70.

Rigetti Computing Stock Performance

The firm’s 50 day moving average is $16.60 and its 200 day moving average is $25.67. The stock has a market cap of $4.71 billion, a P/E ratio of -20.87 and a beta of 1.82.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.87 million during the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. Rigetti Computing’s revenue for the quarter was down 17.9% on a year-over-year basis. As a group, analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 36,719 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at $11,421,533.28. The trade was a 5.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. Osaic Holdings Inc. grew its holdings in shares of Rigetti Computing by 119.2% during the second quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock valued at $3,087,000 after buying an additional 141,541 shares during the last quarter. Penserra Capital Management LLC raised its stake in Rigetti Computing by 43.8% in the 3rd quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock worth $72,860,000 after acquiring an additional 744,577 shares during the last quarter. Oak Harvest Investment Services raised its stake in Rigetti Computing by 436.7% in the 3rd quarter. Oak Harvest Investment Services now owns 80,505 shares of the company’s stock worth $2,398,000 after acquiring an additional 65,505 shares during the last quarter. J. Safra Sarasin Holding AG acquired a new stake in Rigetti Computing during the 3rd quarter worth about $2,576,000. Finally, Clear Street Group Inc. purchased a new stake in Rigetti Computing during the 3rd quarter valued at about $47,752,000. 35.38% of the stock is owned by hedge funds and other 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.