Rigetti Computing (NASDAQ:RGTI) Trading 2.5% Higher – Should You Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) rose 2.5% during trading on Tuesday . The company traded as high as $18.24 and last traded at $18.09. Approximately 16,317,961 shares changed hands during trading, a decline of 51% from the average daily volume of 33,132,277 shares. The stock had previously closed at $17.65.

Analysts Set New Price Targets

A number of research firms have weighed in on RGTI. Mizuho cut their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Jefferies Financial Group reiterated a “hold” rating and issued a $18.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Northland Securities initiated coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective for the company. Weiss Ratings cut shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. Finally, Benchmark began coverage on Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 target price on the stock. Seven 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.67.

Rigetti Computing Stock Up 1.2%

The business’s fifty day moving average price is $17.83 and its 200 day moving average price is $17.87. The firm has a market capitalization of $6.19 billion, a PE ratio of -20.79 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative return on equity of 17.82% and a negative net margin of 2,189.54%. On average, analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the sale, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. This trade represents a 60.50% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 728,901 shares of company stock worth $17,546,343. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. Vanguard Group Inc. increased its stake in shares of Rigetti Computing by 12.2% during the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after acquiring an additional 3,924,171 shares during the period. State Street Corp boosted its holdings in Rigetti Computing by 12.0% in the 2nd 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. Geode Capital Management LLC increased its position in 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 purchasing an additional 196,891 shares during the period. UBS Group AG raised its stake 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 lifted its holdings in shares of Rigetti Computing by 16.3% in the 3rd quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock valued at $84,785,000 after buying an additional 397,905 shares during the period. Institutional investors and hedge funds 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.