Rigetti Computing (NASDAQ:RGTI) Trading 8.2% Higher – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price shot up 8.2% during mid-day trading on Monday . The company traded as high as $23.57 and last traded at $22.70. 44,537,948 shares were traded during trading, an increase of 23% from the average session volume of 36,079,469 shares. The stock had previously closed at $20.98.

Key Stories Impacting Rigetti Computing

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

• Negative Sentiment: Quantinuum’s Nasdaq debut is weighing on Rigetti by forcing a fresh look at quantum-computing valuations, growth rates, and commercialization progress across the sector. Rigetti Stock Tumbles 9% as Quantinuum’s IPO Grabs Investor Focus
• Negative Sentiment: The broader quantum rally is reversing, and Rigetti is falling alongside peers such as IonQ, D-Wave, and Quantum Computing Inc., suggesting sector-wide profit-taking rather than a company-specific setback. IonQ, Rigetti, D-Wave, and Quantum Computing Inc. All Fall 5% to 7% as the Quantum Rally Reverses
• Neutral Sentiment: One optimistic longer-term view highlights Rigetti’s improving technology, potential U.S. Commerce funding of up to $100 million over three years, and its appeal as a five-year growth idea, but this has not yet been enough to offset near-term valuation concerns. Rigetti Computing (RGTI) Offers Attractive Potential for the Next 5 Years
• Neutral Sentiment: Commentary from The Motley Fool notes that Rigetti’s technology is progressing, but its revenue remains too small to justify the stock’s valuation with much confidence, reinforcing investor caution. 3 Quantum Computing Stocks Down Sharply — but 1 Offers Exceptional Value

Analyst Ratings Changes

A number of brokerages recently issued reports on RGTI. Mizuho cut their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday, June 11th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Northland Securities began coverage on Rigetti Computing in a research note on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Stock Performance

The stock has a fifty day moving average of $19.78 and a 200 day moving average of $20.09. The company has a market capitalization of $6.73 billion, a PE ratio of -23.28 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly 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 company 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 firm’s revenue was up 198.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.05) EPS. As a group, equities analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Transactions at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total transaction of $84,501.90. Following the sale, the chief financial officer owned 171,927 shares in the company, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 122,188 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the transaction, the director directly owned 171,273 shares in the company, valued at $3,648,114.90. This trade represents a 41.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 643,957 shares of company stock valued at $15,800,744 in the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Rigetti Computing by 12.2% in the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after acquiring an additional 3,924,171 shares during the last quarter. State Street Corp grew its position in shares of Rigetti Computing by 12.0% during the 2nd 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 in the last quarter. Geode Capital Management LLC grew its position in shares of Rigetti Computing by 2.6% during the 4th 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 grew its position in shares of Rigetti Computing by 90.9% during the 3rd 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 position in shares of Rigetti Computing by 16.3% during the 3rd quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after buying an additional 397,905 shares in the last quarter. 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.