Rigetti Computing (NASDAQ:RGTI) Stock Price Up 18.2% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 18.2% during trading on Friday . The company traded as high as $17.74 and last traded at $17.71. Approximately 36,928,219 shares were traded during trading, an increase of 12% from the average daily volume of 32,975,395 shares. The stock had previously closed at $14.98.

Wall Street Analyst Weigh In

Several research firms have weighed in on RGTI. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Thursday, January 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a report on Wednesday, January 21st. Mizuho started coverage on shares of Rigetti Computing in a research report on Thursday, December 11th. They set an “outperform” rating and a $50.00 price target for the company. Benchmark lowered their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Finally, Wedbush increased their target price on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Price Performance

The firm’s 50 day moving average price is $23.67 and its two-hundred day moving average price is $25.69. The stock has a market cap of $5.84 billion, a PE ratio of -13.62 and a beta of 1.69.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The firm’s revenue for the quarter was down 18.1% on a year-over-year basis. Analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc grew its holdings in Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after buying an additional 1,300 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the period. Tsfg LLC boosted its position in shares of Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares during the period. Danske Bank A S purchased a new position in Rigetti Computing during the third quarter valued at approximately $30,000. Finally, Parallel Advisors LLC grew its stake in Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after acquiring an additional 871 shares in the last quarter. Hedge funds and other institutional investors 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.