Rigetti Computing (NASDAQ:RGTI) Trading 1.1% Higher – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 1.1% during trading on Thursday . The stock traded as high as $19.37 and last traded at $18.62. Approximately 19,268,397 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 32,953,578 shares. The stock had previously closed at $18.42.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Wedbush assumed coverage on shares of Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price for the company. Weiss Ratings lowered shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.

Rigetti Computing Price Performance

The firm has a 50-day simple moving average of $17.68 and a 200 day simple moving average of $17.84. The company has a market capitalization of $6.26 billion, a PE ratio of -20.91 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. Equities research analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were 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 owned 325,945 shares of the company’s stock, valued at $8,279,003. This trade represents a 60.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ray O. Johnson sold 84,944 shares of Rigetti Computing stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the sale, the director owned 95,537 shares in the company, valued at $1,963,285.35. This represents a 47.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 728,901 shares of company stock valued at $17,546,343 over the last 90 days. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the company. Clear Street Group Inc. boosted its stake in shares of Rigetti Computing by 71.1% during the 4th quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock valued at $60,761,000 after buying an additional 1,140,183 shares during the last quarter. Patriot Financial Group Insurance Agency LLC raised its holdings in Rigetti Computing by 105.3% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock valued at $1,733,000 after acquiring an additional 63,331 shares in the last quarter. Intech Investment Management LLC boosted its stake in Rigetti Computing by 66.3% during the 4th quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock valued at $2,664,000 after acquiring an additional 47,935 shares during the last quarter. Spear Advisors LLC acquired a new position in Rigetti Computing during the 4th quarter worth $2,062,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Rigetti Computing during the 4th quarter worth $4,937,000. 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.