Rigetti Computing (NASDAQ:RGTI) Stock Price Up 9.9% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 9.9% on Thursday . The stock traded as high as $27.08 and last traded at $27.0510. 38,619,807 shares traded hands during trading, an increase of 15% from the average session volume of 33,626,742 shares. The stock had previously closed at $24.62.

Wall Street Analyst Weigh In

Several research firms have weighed in on RGTI. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Benchmark cut their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Northland Securities initiated coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. Mizuho cut their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Rigetti Computing presently has an average rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Stock Performance

The firm has a market capitalization of $8.59 billion, a P/E ratio of -29.70 and a beta of 1.79. The firm has a 50-day moving average of $17.37 and a 200-day moving average of $20.53.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $4.40 million for the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company’s revenue was up 198.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) EPS. On average, research analysts forecast that Rigetti Computing, Inc. will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at $3,076,669.68. This represents a 2.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO David Rivas sold 36,719 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 63,430 shares of company stock worth $1,233,336 over the last three months. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after purchasing an additional 9,228,888 shares in the last quarter. Victory Capital Management Inc. increased its stake in Rigetti Computing by 1,632.5% in the 4th 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. purchased a new stake in Rigetti Computing in the 2nd quarter worth $21,887,000. Norges Bank purchased a new stake in Rigetti Computing in the 4th quarter worth $38,889,000. Finally, Clear Street Group Inc. purchased a new stake in Rigetti Computing in the 3rd quarter worth $47,752,000. 35.38% of the stock is 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.