Rigetti Computing (NASDAQ:RGTI) Trading 12.8% Higher – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) rose 12.8% during trading on Monday . The stock traded as high as $27.67 and last traded at $26.8110. Approximately 59,548,586 shares traded hands during mid-day trading, a decline of 15% from the average daily volume of 70,444,641 shares. The stock had previously closed at $23.76.

Analyst Ratings Changes

RGTI has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 15th. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a research report on Tuesday, November 11th. Benchmark decreased their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.22.

Rigetti Computing Price Performance

The firm has a market capitalization of $8.85 billion, a price-to-earnings ratio of -20.62 and a beta of 1.68. The business’s fifty day simple moving average is $32.42 and its 200 day simple moving average is $23.26.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. The firm had revenue of $1.95 million for the quarter, compared to analyst estimates 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 business’s quarterly revenue was down 18.1% compared to the same quarter last year. Equities research analysts expect 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, Director Helene Gail Sandford sold 62,000 shares of the stock in a transaction on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares in the company, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. IFP Advisors Inc raised its position in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after acquiring an additional 1,300 shares during the period. Danske Bank A S bought a new position in shares of Rigetti Computing during the 3rd quarter valued at approximately $30,000. Quarry LP purchased a new stake in shares of Rigetti Computing during the 1st quarter worth approximately $31,000. Parallel Advisors LLC raised its holdings in shares of Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares during the period. Finally, Armstrong Advisory Group Inc. raised its holdings in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after purchasing an additional 2,060 shares during the period. 35.38% of the stock is 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.