Rigetti Computing (NASDAQ:RGTI) Trading 1.5% Higher – Time to Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) rose 1.5% during mid-day trading on Tuesday . The company traded as high as $25.66 and last traded at $25.38. Approximately 30,217,911 shares were traded during trading, a decline of 15% from the average daily volume of 35,692,160 shares. The stock had previously closed at $25.01.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Mizuho started coverage on shares of Rigetti Computing in a report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. B. Riley lowered their price objective on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Finally, Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $31.22.

Rigetti Computing Stock Up 1.5%

The stock’s 50 day moving average is $27.65 and its two-hundred day moving average is $24.20. The company has a market capitalization of $8.38 billion, a PE ratio of -19.52 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business had revenue of $1.95 million during the quarter, compared to analyst estimates of $2.17 million. The company’s quarterly revenue was down 18.1% on a year-over-year basis. On average, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In other news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares in the company, valued at approximately $5,403,454.19. This trade represents a 34.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rothschild Investment LLC increased its stake in Rigetti Computing by 26.1% during the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after purchasing an additional 345 shares in the last quarter. Trust Co. of Toledo NA OH grew its holdings in shares of Rigetti Computing by 1.7% during the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock valued at $631,000 after buying an additional 357 shares during the last quarter. Prospera Financial Services Inc increased its position in shares of Rigetti Computing by 1.0% in the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock valued at $1,245,000 after acquiring an additional 419 shares during the period. MAI Capital Management raised its stake in Rigetti Computing by 17.7% in the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after acquiring an additional 566 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Rigetti Computing by 25.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock worth $86,000 after acquiring an additional 587 shares during the period. Hedge funds and other 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.