Rigetti Computing (NASDAQ:RGTI) Stock Price Up 8.8% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was up 8.8% on Tuesday . The stock traded as high as $14.15 and last traded at $14.04. Approximately 26,529,077 shares were traded during trading, a decline of 11% from the average daily volume of 29,819,314 shares. The stock had previously closed at $12.90.

Analysts Set New Price Targets

Several brokerages recently issued reports on RGTI. Needham & Company LLC lowered their price target on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Wedbush boosted their price objective on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. B. Riley Financial raised Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Thursday, January 22nd. Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Finally, Jefferies Financial Group started coverage on Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price on the stock. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.70.

Rigetti Computing Stock Performance

The firm has a market capitalization of $4.66 billion, a price-to-earnings ratio of -20.65 and a beta of 1.72. The stock’s fifty day moving average is $17.43 and its two-hundred day moving average is $25.91.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity

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

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in RGTI. Vanguard Group Inc. boosted its stake in Rigetti Computing by 12.2% during the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after acquiring an additional 3,924,171 shares during the last quarter. State Street Corp grew its holdings in Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after acquiring an additional 946,850 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Rigetti Computing by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after purchasing an additional 196,891 shares during the last quarter. Marex Group plc acquired a new stake in shares of Rigetti Computing in the 2nd quarter valued at about $87,414,000. Finally, UBS Group AG raised its stake in shares of Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after purchasing an additional 1,467,483 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

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.