Rigetti Computing (NASDAQ:RGTI) Stock Price Up 4.6% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) rose 4.6% during trading on Thursday . The stock traded as high as $19.83 and last traded at $19.27. Approximately 33,651,986 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 30,025,715 shares. The stock had previously closed at $18.42.

Key Rigetti Computing News

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

• Positive Sentiment: Rigetti’s first-quarter revenue surged 199% year over year and topped estimates, showing strong demand for its quantum systems and cloud platform. Rigetti Q1 Revenue Surge Signals Rising Quantum Demand Trends
• Positive Sentiment: Several market commentaries still frame RGTI as a high-interest quantum name, with some analysts and screeners viewing the stock favorably despite volatility. Wall Street Analysts Think Rigetti Computing (RGTI) Is a Good Investment: Is It?
• Neutral Sentiment: Rigetti announced that CEO Dr. Subodh Kulkarni will join a fireside chat at the Canaccord Genuity Virtual Quantum Symposium next week, which could keep the stock in focus but does not change fundamentals by itself. Rigetti Computing to Participate in Fireside Chat at Canaccord Genuity Virtual Quantum Symposium
• Neutral Sentiment: Rigetti continues to be a heavily watched momentum stock, but recent coverage suggests expectations are divided as investors assess whether the company can scale beyond a few large orders. Analysts Have Conflicting Sentiments on These Technology Companies: Rigetti Computing (RGTI) and Wisetech Global (OtherWTCHF)
• Negative Sentiment: The broader quantum-computing group sold off sharply, and RGTI fell with peers IonQ, D-Wave and Quantum Computing Inc., suggesting sector-wide profit-taking is weighing on the stock. Quantum Computing Stock Shock: IonQ, Rigetti, D-Wave, and Quantum Computing Inc. Fall 6% to 9%
• Negative Sentiment: Bearish commentary continues to question Rigetti’s path to meaningful commercial scale, citing minimal recurring revenue and long timelines to quantum advantage. Rigetti: 3 Long Years Ahead

Wall Street Analyst Weigh In

RGTI has been the subject of several research reports. Benchmark lowered their target price 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. Northland Securities initiated coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price for the company. Royal Bank Of Canada cut Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Finally, Wedbush lifted their target price on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Eight analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Stock Performance

The firm has a market capitalization of $5.93 billion, a P/E ratio of -20.52 and a beta of 1.79. The company has a 50-day moving average price of $16.57 and a 200-day moving average price of $21.62.

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 return on equity of 10.40% and a negative net margin of 2,789.71%.The business had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. During the same period last year, the company earned ($0.05) EPS. The firm’s revenue was up 198.9% on a year-over-year basis. Equities analysts predict that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at $11,421,533.28. This trade represents a 5.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. lifted 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 in the last quarter. Victory Capital Management Inc. lifted 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 in the last quarter. Ameriprise Financial Inc. bought a new position in Rigetti Computing during the second quarter worth about $21,887,000. Norges Bank bought a new position in Rigetti Computing during the fourth quarter worth about $38,889,000. Finally, Clear Street Group Inc. bought a new position in Rigetti Computing during the third quarter worth about $47,752,000. 35.38% of the stock is currently owned by institutional investors.

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.