Rigetti Computing (NASDAQ:RGTI) Posts Earnings Results, Beats Expectations By $0.01 EPS

Rigetti Computing (NASDAQ:RGTI) issued its quarterly earnings data on Monday. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01, FiscalAI reports. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The company had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million.

Rigetti Computing Price Performance

NASDAQ RGTI traded up $1.57 on Monday, reaching $20.51. The company had a trading volume of 41,999,806 shares, compared to its average volume of 29,668,611. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of -30.16 and a beta of 1.79. Rigetti Computing has a fifty-two week low of $9.85 and a fifty-two week high of $58.15. The business has a 50 day moving average of $16.41 and a two-hundred day moving average of $22.36.

Insiders Place Their Bets

In other news, CTO David Rivas sold 36,719 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the transaction, the chief technology officer owned 651,914 shares of the company’s stock, valued at $11,421,533.28. This represents a 5.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. This trade represents a 2.37% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in RGTI. Victory Capital Management Inc. lifted its position in Rigetti Computing by 1,632.5% in the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after acquiring an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of Rigetti Computing during the 2nd quarter worth approximately $21,887,000. Defiance ETFs LLC bought a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $34,267,000. UBS Group AG grew its holdings in shares of Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after acquiring an additional 1,467,483 shares in the last quarter. Finally, Quadrature Capital Ltd grew its holdings in shares of Rigetti Computing by 167.3% in the fourth quarter. Quadrature Capital Ltd now owns 2,205,943 shares of the company’s stock valued at $48,862,000 after acquiring an additional 1,380,804 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on RGTI shares. Needham & Company LLC reduced their price objective on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Northland Securities began coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target for the company. TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, March 5th. Finally, Benchmark cut their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $30.64.

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.