Rigetti Computing (NASDAQ:RGTI) Shares Up 18.2% – Still a Buy?

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RGTI. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Benchmark dropped their target price on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Thursday, January 22nd. Finally, Williams Trading set a $40.00 target price on Rigetti Computing in a report on Tuesday, November 11th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.60.

Rigetti Computing Stock Performance

The company has a market cap of $5.84 billion, a PE ratio of -13.62 and a beta of 1.69. The company has a 50 day simple moving average of $23.83 and a two-hundred day simple moving average of $25.60.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping 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 business had revenue of $1.95 million during the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing’s quarterly revenue was down 18.1% on a year-over-year basis. As a group, analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. IFP Advisors Inc grew its stake in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after buying an additional 1,300 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares during the last quarter. Tsfg LLC increased its stake in shares of Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the period. Danske Bank A S acquired a new position in shares of Rigetti Computing during the 3rd quarter worth about $30,000. Finally, Parallel Advisors LLC boosted its stake in Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after purchasing an additional 871 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.