Rigetti Computing (NASDAQ:RGTI) Shares Up 3.1% – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 3.1% during mid-day trading on Monday . The stock traded as high as $15.24 and last traded at $15.13. 16,708,017 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 28,758,551 shares. The stock had previously closed at $14.68.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. TD Cowen lowered shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, March 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Finally, Needham & Company LLC reduced their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.70.

Rigetti Computing Trading Up 3.1%

The stock has a market capitalization of $5.03 billion, a price-to-earnings ratio of -22.25 and a beta of 1.82. The stock’s 50 day moving average is $15.95 and its two-hundred day moving average is $25.22.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $1.87 million during the quarter, compared to analyst estimates of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The firm’s revenue was down 17.9% on a year-over-year basis. On average, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at $11,421,533.28. This represents a 5.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of the business. Rothschild Investment LLC boosted its stake in shares of Rigetti Computing by 26.1% during the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after buying an additional 345 shares during the last quarter. Trust Co. of Toledo NA OH boosted its stake in shares of Rigetti Computing by 1.7% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock worth $631,000 after buying an additional 357 shares during the last quarter. Prospera Financial Services Inc boosted its stake in shares of Rigetti Computing by 1.0% during the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after buying an additional 419 shares during the last quarter. Kestra Private Wealth Services LLC boosted its stake in shares of Rigetti Computing by 1.4% during the 4th quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after buying an additional 535 shares during the last quarter. Finally, MAI Capital Management boosted its stake in shares of Rigetti Computing by 17.7% during the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after buying an additional 566 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.