Rigetti Computing (NASDAQ:RGTI) Trading Up 1.7% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 1.7% during mid-day trading on Friday . The company traded as high as $21.95 and last traded at $20.98. Approximately 34,476,085 shares traded hands during trading, a decline of 4% from the average daily volume of 36,008,348 shares. The stock had previously closed at $20.63.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RGTI shares. Northland Securities started coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price target for the company. Benchmark decreased their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Needham & Company LLC restated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Thursday. Finally, TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Price Performance

The company’s 50 day moving average is $19.21 and its two-hundred day moving average is $20.23. The firm has a market cap of $6.97 billion, a P/E ratio of -24.11 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share. The company’s quarterly revenue was up 198.9% compared to the same quarter last year. Research analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Buying and Selling

In related news, CTO David Rivas sold 499,328 shares of the stock in a transaction dated 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 transaction, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ray O. Johnson sold 122,188 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the completion of the transaction, the director directly owned 171,273 shares of the company’s stock, valued at $3,648,114.90. This trade represents a 41.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 643,957 shares of company stock valued at $15,800,744 over the last quarter. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Rigetti Computing by 12.2% during the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after buying an additional 3,924,171 shares in the last quarter. State Street Corp increased its holdings in shares of Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after buying an additional 946,850 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after buying an additional 196,891 shares in the last quarter. UBS Group AG increased its holdings in shares of Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Rigetti Computing by 16.3% during the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after buying an additional 397,905 shares in the last quarter. 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.