Rigetti Computing (NASDAQ:RGTI) Shares Up 5.9% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price rose 5.9% during mid-day trading on Monday . The company traded as high as $19.80 and last traded at $19.44. Approximately 29,612,873 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 35,897,668 shares. The stock had previously closed at $18.36.

Analysts Set New Price Targets

RGTI has been the topic of a number of recent research reports. Benchmark reduced their price objective 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. Needham & Company LLC restated a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a report on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Mizuho lowered their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Finally, Northland Securities initiated coverage on shares of Rigetti Computing in a report on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Trading Up 5.9%

The business has a fifty day moving average of $20.45 and a 200-day moving average of $19.78. The company has a market cap of $6.46 billion, a PE ratio of -22.34 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The firm had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. During the same period last year, the company earned ($0.05) EPS. The business’s quarterly revenue was up 198.9% compared to the same quarter last year. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the transaction, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 84,944 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the completion of the transaction, the director owned 95,537 shares of the company’s stock, valued at $1,963,285.35. This trade represents a 47.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 728,901 shares of company stock worth $17,546,343 over the last quarter. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. Heritage Wealth Advisors boosted its position in Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after acquiring an additional 954 shares in the last quarter. Larson Financial Group LLC grew its stake in Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares during the period. PeakShares LLC purchased a new stake in Rigetti Computing in the first quarter worth $28,000. EFG International AG bought a new position in Rigetti Computing in the fourth quarter worth $28,000. Finally, Tsfg LLC boosted its holdings in shares of Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other 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.