Rigetti Computing (NASDAQ:RGTI) Trading Up 5% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was up 5% on Wednesday . The stock traded as high as $15.41 and last traded at $14.53. Approximately 24,702,893 shares traded hands during trading, a decline of 15% from the average daily volume of 29,230,461 shares. The stock had previously closed at $13.84.

Analyst Ratings Changes

RGTI has been the topic of a number of recent analyst reports. B. Riley Financial raised Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Thursday, January 22nd. Jefferies Financial Group initiated coverage on Rigetti Computing in a research report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 target price on the stock. Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Benchmark decreased their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Finally, Needham & Company LLC decreased their price objective on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.70.

Rigetti Computing Stock Up 2.6%

The company has a 50 day simple moving average of $16.02 and a 200-day simple moving average of $25.40. The stock has a market cap of $4.88 billion, a price-to-earnings ratio of -21.59 and a beta of 1.82.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. The company’s revenue was down 17.9% compared to the same quarter last year. On average, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the transaction, the chief technology officer owned 651,914 shares of the company’s stock, valued at $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. increased its holdings in shares of Rigetti Computing by 119.2% in the 2nd quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock worth $3,087,000 after acquiring an additional 141,541 shares during the period. Penserra Capital Management LLC increased its holdings in shares of Rigetti Computing by 43.8% in the 3rd quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock worth $72,860,000 after acquiring an additional 744,577 shares during the period. Oak Harvest Investment Services increased its holdings in shares of Rigetti Computing by 436.7% in the 3rd quarter. Oak Harvest Investment Services now owns 80,505 shares of the company’s stock worth $2,398,000 after acquiring an additional 65,505 shares during the period. Clear Street Group Inc. acquired a new stake in shares of Rigetti Computing in the 3rd quarter worth about $47,752,000. Finally, J. Safra Sarasin Holding AG acquired a new stake in shares of Rigetti Computing in the 3rd quarter worth about $2,576,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.