Rigetti Computing (NASDAQ:RGTI) Stock Price Up 9.7% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) was up 9.7% on Monday . The company traded as high as $22.69 and last traded at $22.6810. Approximately 26,139,265 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 35,736,727 shares. The stock had previously closed at $20.68.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RGTI shares. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, March 5th. Northland Securities started coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target for the company. Benchmark dropped their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Mizuho lowered their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Finally, Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Price Performance

The firm’s fifty day moving average price is $18.68 and its 200-day moving average price is $20.34. The company has a market capitalization of $7.24 billion, a price-to-earnings ratio of -25.02 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The company had revenue of $4.40 million during 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 company’s revenue for the quarter was up 198.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.05) earnings per share. On average, research analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insiders Place Their Bets

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 value of $84,501.90. Following the completion of the sale, the chief financial officer directly owned 171,927 shares in the company, valued at $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the sale, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 562,758 shares of company stock valued at $13,916,267 over the last 90 days. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. NewEdge Advisors LLC increased its holdings in Rigetti Computing by 6.7% in the first quarter. NewEdge Advisors LLC now owns 65,694 shares of the company’s stock valued at $922,000 after purchasing an additional 4,149 shares during the period. Janus Henderson Group PLC increased its holdings in Rigetti Computing by 7.3% in the first quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock valued at $2,809,000 after purchasing an additional 13,666 shares during the period. Encore Global Management LP acquired a new stake in Rigetti Computing in the first quarter valued at $1,685,000. Amundi increased its holdings in Rigetti Computing by 124.8% in the first quarter. Amundi now owns 60,012 shares of the company’s stock valued at $843,000 after purchasing an additional 33,317 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Rigetti Computing by 31.8% during the first quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock valued at $65,000 after acquiring an additional 1,121 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.