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

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Benchmark cut their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Wedbush boosted their price target on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, March 5th. Finally, TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $31.70.

Rigetti Computing Trading Up 8.8%

The firm has a market cap of $4.66 billion, a P/E ratio of -20.65 and a beta of 1.72. The business’s 50-day moving average is $17.43 and its two-hundred day moving average is $25.91.

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

Insider Activity at Rigetti Computing

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

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently modified their holdings of RGTI. Heritage Wealth Advisors increased its holdings in shares of Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares during the period. Larson Financial Group LLC boosted its stake in Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares during the period. EFG International AG acquired a new position in Rigetti Computing during the 4th quarter valued at about $28,000. Tsfg LLC grew its position in Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in Rigetti Computing by 180.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after purchasing an additional 858 shares during the last quarter. Institutional investors 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.