Rigetti Computing (NASDAQ:RGTI) Trading Up 19.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were up 19.9% during mid-day trading on Friday . The company traded as high as $27.79 and last traded at $26.42. Approximately 202,356,207 shares traded hands during trading, an increase of 516% from the average daily volume of 32,837,020 shares. The stock had previously closed at $22.04.

Key Headlines Impacting Rigetti Computing

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

• Positive Sentiment: Rigetti announced a letter of intent with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding over three years to accelerate superconducting quantum R&D, giving the company a strong credibility boost and a potential source of non-dilutive-like strategic support for development. Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research
• Positive Sentiment: The broader quantum-computing group is surging after Washington’s reported $2 billion push for the sector, lifting Rigetti along with peers like IonQ, D-Wave and Quantum Computing Inc. as investors rotate into the theme. Quantum rally sends Rigetti stock toward key resistance zone
• Positive Sentiment: Media coverage highlights Rigetti as a beneficiary of the government-backed quantum race, which is amplifying momentum and drawing in speculative buyers. Ca$htag$: RGTI Surges as Bulls Pile into Quantum Stocks
• Neutral Sentiment: Some commentary notes Rigetti still faces execution and valuation questions, and a separate headline pointed to concerns about a shelf registration and wider Q1 losses, underscoring that the rally is being driven more by catalysts and sentiment than by near-term fundamentals. Rigetti Computing (RGTI) Is Down 8.3% After Shelf Registration And Q1 Losses Widening Concerns
• Negative Sentiment: The Commerce Department deal contemplates an equity stake for the government, which could dilute existing shareholders if finalized. Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RGTI shares. Northland Securities started coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective on the stock. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday. Mizuho cut their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, March 5th. Finally, TD Cowen downgraded shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Eight research 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. Based on data from MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Trading Up 19.9%

The stock’s fifty day moving average is $16.82 and its two-hundred day moving average is $20.88. The company has a market capitalization of $8.78 billion, a PE ratio of -30.37 and a beta of 1.79.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results 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. The company had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm’s quarterly revenue was up 198.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.05) EPS. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.19 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO David Rivas sold 36,719 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was 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 trade represents a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

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