Rigetti Computing (NASDAQ:RGTI) Shares Up 1.9% – Time to Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 1.9% on Friday . The stock traded as high as $20.17 and last traded at $19.81. 40,124,019 shares changed hands during trading, an increase of 32% from the average session volume of 30,386,014 shares. The stock had previously closed at $19.45.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RGTI. Wedbush increased their price target on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Needham & Company LLC cut their price target on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Finally, Mizuho cut their price target on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.70.

Rigetti Computing Trading Up 1.9%

The business has a fifty day moving average of $16.00 and a 200-day moving average of $24.92. The firm has a market cap of $6.58 billion, a PE ratio of -29.13 and a beta of 1.82.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. On average, equities analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the sale, the chief financial officer owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO David Rivas sold 36,719 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the sale, 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in RGTI. Heritage Wealth Advisors lifted its holdings in Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares in the last quarter. EFG International AG purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at about $28,000. Tsfg LLC raised its holdings in shares of Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Rigetti Computing by 180.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after acquiring an additional 858 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.