Rigetti Computing (NASDAQ:RGTI) Shares Up 5.3% – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were up 5.3% during trading on Monday . The stock traded as high as $22.79 and last traded at $21.77. Approximately 35,293,884 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 35,833,070 shares. The stock had previously closed at $20.68.

Rigetti Computing News Roundup

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

• Positive Sentiment: Bernstein analyst Mark Newman said the market may be underestimating Rigetti’s position in the quantum race, calling it one of his top quantum picks and suggesting investors are overlooking the company’s potential. Rigetti Computing Is One of This Analyst’s Top Quantum Picks. The Case for Buying.
• Positive Sentiment: Rigetti continues advancing its roadmap, including a 108-qubit Cepheus system, rising customer adoption, and a stated goal of reaching quantum advantage within three years, reinforcing the growth narrative. Rigetti Advances Toward Quantum Advantage With Cepheus Push
• Positive Sentiment: Recent coverage highlighted Rigetti as one of the quantum stocks drawing hedge-fund interest, while broader enthusiasm around quantum computing and potential new capital flowing into the sector may be supporting the group. Is Rigetti Computing, Inc. (RGTI) Among the Best Quantum Computing Stocks to Invest In According to Hedge Funds?
• Neutral Sentiment: The stock has also been getting more trading attention, with articles noting it as a trending quantum name and highlighting renewed investor focus after its latest earnings report. Stock Market Today, June 9: Risk-Off Sentiment Pressures Nasdaq
• Negative Sentiment: Director Ray O. Johnson sold 122,188 shares in a pre-arranged Rule 10b5-1 plan, which can weigh on sentiment even if the transaction was scheduled in advance. SEC Form 4 filing
• Negative Sentiment: Some commentary warned that larger tech and legacy chip companies are increasingly competing in quantum computing, which could make life harder for pure-play names like Rigetti over time. The Case for Intel Over Pure-Play Quantum Firms (RGTI)

Wall Street Analyst Weigh In

A number of research analysts have weighed in on RGTI shares. Needham & Company LLC reiterated a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a report on Tuesday, May 12th. TD Cowen lowered Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Benchmark reduced their price target 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Finally, Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Price Performance

The stock has a 50 day simple moving average of $18.95 and a 200-day simple moving average of $20.27. The firm has a market cap of $6.54 billion, a PE ratio of -22.55 and a beta of 1.88.

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

Insider Buying and Selling at Rigetti Computing

In other news, Director Ray O. Johnson sold 122,188 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the sale, the director owned 171,273 shares in the company, valued at $3,648,114.90. This represents a 41.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at $8,279,003. This trade represents a 60.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 643,957 shares of company stock worth $15,800,744. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada increased its holdings in Rigetti Computing by 106.2% in the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after buying an additional 113,644 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after acquiring an additional 47,115 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Rigetti Computing by 25.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after acquiring an additional 22,770 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Rigetti Computing by 197.8% during the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after purchasing an additional 16,998 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in Rigetti Computing during the first quarter valued at approximately $3,115,000. 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.