Rigetti Computing (NASDAQ:RGTI) Trading 6.7% Higher – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was up 6.7% during trading on Monday . The company traded as high as $15.89 and last traded at $15.88. Approximately 25,611,498 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 30,317,223 shares. The stock had previously closed at $14.88.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RGTI. Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Mizuho lowered their price target on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Finally, Benchmark decreased their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.70.

Rigetti Computing Stock Performance

The stock has a fifty day moving average price of $18.71 and a 200-day moving average price of $25.96. The firm has a market cap of $5.27 billion, a PE ratio of -23.35 and a beta of 1.72.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. The business’s revenue was down 17.9% compared to the same quarter last year. As a group, equities analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the sale, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in RGTI. Danske Bank A S bought a new stake in shares of Rigetti Computing in the third quarter worth $30,000. Parallel Advisors LLC boosted its stake in Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after acquiring an additional 871 shares during the last quarter. Clearstead Advisors LLC bought a new position in Rigetti Computing during the 3rd quarter valued at $35,000. Heritage Wealth Advisors grew its holdings in Rigetti Computing by 454.3% during 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 in the last quarter. Finally, Larson Financial Group LLC grew its holdings in Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after acquiring an additional 707 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.