Rigetti Computing (NASDAQ:RGTI) Trading Up 8.5% – Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 8.5% during mid-day trading on Friday . The company traded as high as $17.95 and last traded at $17.94. 29,874,962 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 33,332,988 shares. The stock had previously closed at $16.53.

Rigetti Computing News Roundup

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Commercial momentum is improving. Second-quarter revenue rose 185.3% year over year to approximately $5.14 million, slightly exceeding consensus expectations. Wedbush said shipments of Rigetti’s Novera quantum systems are driving a more commercial revenue mix, while other coverage highlighted major quantum-computing orders. Rigetti Computing Q2 Shows Commercial Mix Inflection Rigetti Stock Rises as Major Quantum Orders Fuel Growth
• Positive Sentiment: Analyst support added to the bullish case. Rosenblatt Securities reaffirmed its “buy” rating and maintained a $40 price target, implying substantial upside from the stock’s recent level. Broader investor interest in quantum-computing stocks is also being supported by expectations for progress toward a potential “quantum advantage” milestone in 2026. Rosenblatt Rating Update Quantum Computing Stocks With Analyst Upside
• Positive Sentiment: Rigetti reported technology and strategic progress. The company cited improving quantum performance, continued development of its technology roadmap, partnerships including Hewlett Packard Enterprise, and potential U.S. government research support of up to $100 million. It ended June with approximately $541.3 million in cash and no debt, providing financial flexibility. Rigetti Computing Reports Second Quarter Results

Analyst Upgrades and Downgrades

RGTI has been the topic of several research reports. Mizuho cut their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Weiss Ratings upgraded Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 21st. Jefferies Financial Group restated a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research report on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Finally, Benchmark initiated coverage on Rigetti Computing in a report on Monday, July 27th. They issued a “buy” rating and a $25.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus target price of $30.67.

Rigetti Computing Price Performance

The firm’s 50 day moving average is $18.28 and its 200 day moving average is $18.06. The firm has a market cap of $5.96 billion, a P/E ratio of -19.93 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.82%. The business had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. As a group, analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Buying and Selling

In related news, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the transaction, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. This trade represents a 60.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of Rigetti Computing stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the transaction, the chief financial officer owned 171,927 shares of the company’s stock, valued at $3,945,724.65. The trade was a 2.10% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 728,901 shares of company stock worth $17,546,343 in the last 90 days. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently modified their holdings of RGTI. Vanguard Group Inc. grew its position in Rigetti Computing by 12.2% during the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after purchasing an additional 3,924,171 shares during the last quarter. State Street Corp raised its holdings in Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after buying an additional 946,850 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Rigetti Computing by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after buying an additional 196,891 shares in the last quarter. UBS Group AG lifted its stake in shares of Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Rigetti Computing by 16.3% during the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock valued at $84,785,000 after buying an additional 397,905 shares during the last quarter. 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.