Rigetti Computing (NASDAQ:RGTI) Trading Up 7.3% – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 7.3% during mid-day trading on Friday . The stock traded as high as $16.24 and last traded at $16.09. 28,395,436 shares were traded during mid-day trading, a decline of 13% from the average session volume of 32,549,801 shares. The stock had previously closed at $14.99.

Analyst Ratings Changes

Several research firms have weighed in on RGTI. B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Thursday, January 22nd. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Benchmark reduced their price objective on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Finally, Mizuho started coverage on shares of Rigetti Computing in a report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 target price for the company. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing has a consensus rating of “Moderate Buy” and an average target price of $32.60.

Rigetti Computing Stock Performance

The firm has a market cap of $5.30 billion, a PE ratio of -12.36 and a beta of 1.69. The company has a 50 day simple moving average of $22.92 and a two-hundred day simple moving average of $25.64.

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

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Vanguard Group Inc. grew its holdings in shares of Rigetti Computing by 40.4% in the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares during the period. Marex Group plc purchased a new stake in Rigetti Computing in the 2nd quarter valued at about $87,414,000. Victory Capital Management Inc. boosted its position in shares of Rigetti Computing by 1,632.5% during the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after purchasing an additional 2,422,873 shares during the period. Ameriprise Financial Inc. purchased a new position in shares of Rigetti Computing during the second quarter worth $21,887,000. Finally, Norges Bank purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at $38,889,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.