Rigetti Computing (NASDAQ:RGTI) Stock Price Up 2.5% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was up 2.5% on Tuesday . The company traded as high as $18.24 and last traded at $18.09. 16,317,961 shares were traded during trading, a decline of 51% from the average session volume of 33,132,277 shares. The stock had previously closed at $17.65.

Wall Street Analyst Weigh In

RGTI has been the topic of several analyst reports. Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research report on Friday. Wedbush began coverage on shares of Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Northland Securities initiated 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. Finally, Needham & Company LLC reiterated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.67.

Rigetti Computing Trading Up 2.5%

The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of -20.10 and a beta of 1.99. The stock’s 50-day moving average is $18.12 and its 200-day moving average is $17.96.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.82%. The company had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 84,944 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the completion of the transaction, the director owned 95,537 shares of the company’s stock, valued at approximately $1,963,285.35. This trade represents a 47.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

Several institutional investors have recently modified their holdings of RGTI. Handelsbanken Fonder AB raised its position in Rigetti Computing by 21.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 122,500 shares of the company’s stock worth $2,367,000 after purchasing an additional 21,300 shares during the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of Rigetti Computing in the second quarter valued at about $197,000. NewEdge Advisors LLC increased its stake in shares of Rigetti Computing by 6.7% in the first quarter. NewEdge Advisors LLC now owns 65,694 shares of the company’s stock valued at $922,000 after buying an additional 4,149 shares during the period. Janus Henderson Group PLC raised its position in shares of Rigetti Computing by 7.3% during the first quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock worth $2,809,000 after acquiring an additional 13,666 shares during the last quarter. Finally, Encore Global Management LP bought a new position in shares of Rigetti Computing during the first quarter worth about $1,685,000. 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.