Rigetti Computing (NASDAQ:RGTI) Trading 5.1% Higher – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) rose 5.1% during mid-day trading on Wednesday . The stock traded as high as $25.73 and last traded at $25.72. Approximately 29,115,720 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 31,693,313 shares. The stock had previously closed at $24.47.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RGTI shares. Benchmark dropped their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Jefferies Financial Group started coverage on shares of Rigetti Computing in a report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 target price for the company. B. Riley decreased their price target on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Finally, Mizuho began coverage on shares of Rigetti Computing in a research report on Thursday, December 11th. They set an “outperform” rating and a $50.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.22.

Rigetti Computing Trading Up 5.1%

The company has a 50-day moving average price of $25.91 and a two-hundred day moving average price of $24.80. The stock has a market cap of $8.49 billion, a P/E ratio of -19.78 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The company had revenue of $1.95 million during the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing’s revenue was down 18.1% compared to the same quarter last year. As a group, equities analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares in the company, valued at approximately $5,403,454.19. This represents a 34.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RGTI. Royal Bank of Canada grew its stake in shares of Rigetti Computing by 106.2% during the first 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 last quarter. AQR Capital Management LLC boosted its holdings in Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after acquiring an additional 47,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Rigetti Computing by 25.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after acquiring an additional 22,770 shares during the period. NewEdge Advisors LLC grew its position in Rigetti Computing by 197.8% in the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after acquiring an additional 16,998 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in Rigetti Computing in the first quarter worth $3,115,000. Hedge funds and other institutional investors 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.