Rigetti Computing (NASDAQ:RGTI) Trading Up 3.5% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) was up 3.5% during trading on Tuesday . The stock traded as high as $17.24 and last traded at $16.94. Approximately 13,515,403 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 32,184,602 shares. The stock had previously closed at $16.37.

Analyst Ratings Changes

Several analysts have weighed in on RGTI shares. Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Zacks Research lowered Rigetti Computing from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Mizuho reduced their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Benchmark started coverage on shares of Rigetti Computing in a report on Monday, July 27th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Wedbush assumed coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They set an “outperform” rating and a $40.00 price objective on the stock. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $30.67.

Rigetti Computing Trading Up 3.5%

The firm has a market capitalization of $5.65 billion, a P/E ratio of -18.82 and a beta of 1.99. The business’s fifty day moving average is $17.25 and its 200 day moving average is $17.71.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%.The company had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal year.

Insider Activity

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,860 shares of Rigetti Computing stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.89, for a total transaction of $65,195.40. Following the completion of the sale, the chief financial officer owned 168,067 shares of the company’s stock, valued at $2,838,651.63. This trade represents a 2.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Andrew Joseph Bestwick sold 5,791 shares of Rigetti Computing stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.81, for a total value of $97,346.71. Following the sale, the chief technology officer owned 1,036,121 shares of the company’s stock, valued at approximately $17,417,194.01. This represents a 0.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 725,149 shares of company stock worth $17,345,425 over the last three months. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently bought and sold shares of RGTI. California State Teachers Retirement System increased its position in shares of Rigetti Computing by 1,861.8% during the second quarter. California State Teachers Retirement System now owns 7,414,688 shares of the company’s stock valued at $143,252,000 after purchasing an additional 7,036,733 shares during the period. Vanguard Group Inc. lifted its position in Rigetti Computing by 12.2% in the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after purchasing an additional 3,924,171 shares during the period. Victory Capital Management Inc. boosted its stake 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 buying an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in Rigetti Computing during the second quarter worth $21,887,000. Finally, Norges Bank bought a new stake in Rigetti Computing in the 4th quarter valued at $38,889,000. 35.38% of the stock is currently owned by 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.