Rigetti Computing (NASDAQ:RGTI) Trading Up 18.2% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price rose 18.2% on Friday . The company traded as high as $17.74 and last traded at $17.71. Approximately 36,928,219 shares changed hands during trading, an increase of 12% from the average daily volume of 32,975,395 shares. The stock had previously closed at $14.98.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RGTI. Benchmark decreased their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Jefferies Financial Group assumed coverage on Rigetti Computing in a report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target for the company. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rigetti Computing has a consensus rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Stock Up 18.2%

The firm’s 50 day moving average price is $23.83 and its two-hundred day moving average price is $25.60. The firm has a market capitalization of $5.84 billion, a PE ratio of -13.62 and a beta of 1.69.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The company’s quarterly revenue was down 18.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Rigetti Computing by 12.2% during 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 in the last quarter. State Street Corp raised its stake in shares of Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after purchasing an additional 946,850 shares in the last quarter. Marex Group plc acquired a new stake in Rigetti Computing in the second quarter worth about $87,414,000. Geode Capital Management LLC grew its position in Rigetti Computing by 22.9% in the 2nd quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock valued at $76,910,000 after buying an additional 1,206,925 shares in the last quarter. Finally, UBS Group AG grew its position in Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after buying an additional 1,467,483 shares in the last quarter. 35.38% of the stock is currently owned by 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.