Rigetti Computing (NASDAQ:RGTI) Trading 3.1% Higher – Should You Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) rose 3.1% on Thursday . The company traded as high as $16.68 and last traded at $16.44. Approximately 15,092,934 shares were traded during mid-day trading, a decline of 53% from the average session volume of 31,978,596 shares. The stock had previously closed at $15.94.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on RGTI shares. Wedbush began coverage on Rigetti Computing in a report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price target for the company. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Benchmark assumed coverage on Rigetti Computing in a research note on Monday, July 27th. They set a “buy” rating and a $25.00 price objective on the stock. Weiss Ratings downgraded shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $30.67.

Rigetti Computing Stock Performance

The company’s 50 day simple moving average is $16.88 and its 200 day simple moving average is $17.69. The stock has a market cap of $5.20 billion, a PE ratio of -17.32 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, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. Equities research analysts expect that Rigetti Computing, Inc. will post -0.27 earnings per share for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,860 shares of the business’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.89, for a total value of $65,195.40. Following the transaction, the chief financial officer owned 168,067 shares of the company’s stock, valued at approximately $2,838,651.63. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Andrew Joseph Bestwick sold 5,791 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the transaction, the chief technology officer owned 1,036,121 shares of the company’s stock, valued at $17,417,194.01. This trade represents a 0.56% 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 sold a total of 225,821 shares of company stock worth $4,662,494 in the last ninety days. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the stock. Clear Street Group Inc. boosted its holdings in shares of Rigetti Computing by 71.1% in the fourth quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock worth $60,761,000 after acquiring an additional 1,140,183 shares during the period. Patriot Financial Group Insurance Agency LLC raised its stake in shares of Rigetti Computing by 105.3% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock valued at $1,733,000 after purchasing an additional 63,331 shares during the period. Intech Investment Management LLC lifted its holdings in Rigetti Computing by 66.3% during the 4th quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock worth $2,664,000 after purchasing an additional 47,935 shares in the last quarter. Spear Advisors LLC purchased a new stake in Rigetti Computing during the 4th quarter worth about $2,062,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Rigetti Computing in the 4th quarter worth about $4,937,000. 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.