Rigetti Computing, Inc. (NASDAQ:RGTI) Receives $29.18 Average Target Price from Analysts

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have earned an average rating of “Moderate Buy” from the thirteen brokerages that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $29.1818.

Several equities research analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, March 5th. Northland Securities assumed coverage on Rigetti Computing in a research note on Monday, April 20th. They set a “market perform” rating and a $20.00 price target for the company. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Finally, Benchmark cut their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th.

Key Stories Impacting Rigetti Computing

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: The biggest catalyst is a new U.S. government Letter of Intent that could provide Rigetti with up to $100 million in CHIPS Act funding, reinforcing the company’s role in domestic quantum computing and signaling strategic validation from Washington. The U.S. Government Just Invested in These 3 Quantum Computing Stocks. Should Retail Investors Follow Suit?
• Positive Sentiment: Investor enthusiasm is being reinforced by unusually high call option volume, suggesting traders are positioning for further upside in RGTI. Rigetti Computing Sees Unusually High Options Volume (NASDAQ:RGTI)
• Positive Sentiment: Commentary around a “commercial breakout” and improving enterprise adoption supports the view that Rigetti is moving beyond pure research toward revenue-generating quantum infrastructure. Quantum Computing’s Commercial Breakout Has Arrived (RGTI)
• Neutral Sentiment: Several articles noted that RGTI remains one of the most searched and most closely watched quantum stocks, underscoring elevated retail and institutional attention but not adding a direct fundamental catalyst. Investors Heavily Search Rigetti Computing, Inc. (RGTI): Here is What You Need to Know
• Neutral Sentiment: Industry-wide optimism is also helping sentiment, with quantum stocks rising on broader excitement around the sector and new ETF/IPO activity, which can lift RGTI alongside peers. Quantum Computing: The Next AI Boom?
• Negative Sentiment: Recent insider sales by Rigetti’s CFO and CTO may pressure sentiment, even though the trades were disclosed as tax-related transactions tied to equity vesting. Jeffrey Bertelsen Sells 3,682 Shares of Rigetti Computing (NASDAQ:RGTI) Stock
• Negative Sentiment: One analysis warned that RGTI’s rich valuation leaves little room for execution missteps, implying downside risk if commercialization or revenue growth slows. How Low Can RGTI Stock Go?

Rigetti Computing Trading Down 1.8%

Shares of NASDAQ RGTI opened at $24.62 on Friday. Rigetti Computing has a twelve month low of $10.30 and a twelve month high of $58.15. The stock has a 50 day moving average of $17.37 and a two-hundred day moving average of $20.53. The stock has a market cap of $8.18 billion, a P/E ratio of -28.30 and a beta of 1.79.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 198.9% on a year-over-year basis. As a group, research analysts predict that Rigetti Computing will post -0.19 earnings per share for the current year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 18,759 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.96, for a total transaction of $430,706.64. Following the transaction, the chief technology officer owned 713,155 shares of the company’s stock, valued at $16,374,038.80. This represents a 2.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the transaction, the chief financial officer directly owned 171,927 shares in the company, valued at $3,945,724.65. This represents a 2.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 63,430 shares of company stock valued at $1,233,336 in the last 90 days. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Vanguard Group Inc. grew its holdings in Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after acquiring an additional 9,228,888 shares during the period. Victory Capital Management Inc. grew its holdings in Rigetti Computing by 1,632.5% during the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after acquiring an additional 2,422,873 shares during the period. Ameriprise Financial Inc. acquired a new position in Rigetti Computing during the second quarter worth $21,887,000. Norges Bank acquired a new position in Rigetti Computing during the fourth quarter worth $38,889,000. Finally, Clear Street Group Inc. acquired a new position in Rigetti Computing during the third quarter worth $47,752,000. Institutional investors and hedge funds 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.