Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up before the market opened on Monday . The stock had previously closed at $14.15, but opened at $15.09. Rigetti Computing shares last traded at $16.02, with a volume of 6,545,699 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on RGTI shares. Benchmark began coverage on Rigetti Computing in a research note on Monday. They issued a “buy” rating and a $25.00 target price for the company. Weiss Ratings raised Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 21st. Needham & Company LLC restated a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Mizuho dropped their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Rigetti Computing Trading Up 6.8%

The firm has a 50-day moving average of $19.65 and a 200 day moving average of $18.67. The stock has a market capitalization of $5.02 billion, a price-to-earnings ratio of -17.39 and a beta of 1.95.

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

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the transaction, the chief technology officer owned 325,945 shares in the company, valued at approximately $8,279,003. The trade was a 60.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ray O. Johnson sold 122,188 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $21.30, for a total value of $2,602,604.40. Following the transaction, the director 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. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 728,901 shares of company stock worth $17,546,343. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of RGTI. Royal Bank of Canada increased its stake in Rigetti Computing by 106.2% during the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after buying an additional 113,644 shares during the period. AQR Capital Management LLC lifted its stake in shares of Rigetti Computing by 138.9% in the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock worth $642,000 after acquiring an additional 47,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Rigetti Computing by 25.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after acquiring an additional 22,770 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Rigetti Computing by 197.8% in the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after acquiring an additional 16,998 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in shares of Rigetti Computing in the first quarter valued at approximately $3,115,000. Institutional investors and hedge funds 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.