Rigetti Computing (NASDAQ:RGTI) Trading 3.3% Higher – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 3.3% on Monday . The stock traded as high as $25.64 and last traded at $25.53. 25,538,310 shares were traded during trading, a decline of 23% from the average session volume of 33,135,188 shares. The stock had previously closed at $24.72.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. B. Riley lowered their target price on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, November 12th. Wedbush started coverage on Rigetti Computing in a report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 price target on the stock. Jefferies Financial Group started coverage on Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price objective for the company. Finally, Mizuho assumed coverage on Rigetti Computing in a research report on Thursday, December 11th. They set an “outperform” rating and a $50.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.22.

Rigetti Computing Stock Performance

The firm has a 50-day moving average price of $26.12 and a two-hundred day moving average price of $24.70. The firm has a market cap of $8.43 billion, a price-to-earnings ratio of -19.64 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The company had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing’s quarterly revenue was down 18.1% compared to the same quarter last year. 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 Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction on Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the transaction, the director owned 120,371 shares in the company, valued at approximately $5,403,454.19. This represents a 34.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RGTI. IFP Advisors Inc lifted its position in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after purchasing an additional 1,300 shares during the period. Danske Bank A S acquired a new stake in shares of Rigetti Computing in the 3rd quarter valued at approximately $30,000. Parallel Advisors LLC boosted its stake in shares of Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after buying an additional 871 shares in the last quarter. Armstrong Advisory Group Inc. boosted its stake in shares of Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after buying an additional 2,060 shares in the last quarter. Finally, Clearstead Advisors LLC acquired a new position in Rigetti Computing during the third quarter worth $35,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.