Rigetti Computing (NASDAQ:RGTI) Shares Up 9.8% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 9.8% on Thursday . The stock traded as high as $27.58 and last traded at $27.03. 85,305,984 shares traded hands during trading, an increase of 150% from the average session volume of 34,173,219 shares. The stock had previously closed at $24.62.

More Rigetti Computing News

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Rigetti’s 108-qubit Cepheus-1 rollout and stronger QPU demand are reinforcing optimism that the company can move closer to quantum advantage and eventually grow revenue. Rigetti Computing’s 108-Qubit Push Keeps Quantum Advantage Hopes Alive
• Positive Sentiment: Market commentary says Rigetti is benefiting from federal support for domestic quantum technology, and some investors are positioning for a potential short squeeze. This Quantum Computing Stock May Be Closer to a Breakout Than You Think
• Positive Sentiment: Broader coverage argues quantum computing is transitioning from research to utility-scale commercial infrastructure, which supports speculative buying in RGTI. Quantum Computing’s Commercial Breakout Has Arrived (RGTI)
• Neutral Sentiment: Insider sales by the CFO and CTO may create some caution, though both were reportedly tied to tax withholding on vested equity awards. David Rivas insider transaction

Analysts Set New Price Targets

A number of brokerages have commented on RGTI. Northland Securities began 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 objective on the stock. Mizuho dropped their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Needham & Company LLC reissued a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Benchmark dropped their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Stock Performance

The stock’s 50-day simple moving average is $17.37 and its 200 day simple moving average is $20.53. The company has a market capitalization of $8.98 billion, a PE ratio of -31.07 and a beta of 1.79.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The company had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same period in the prior year, the firm posted ($0.05) EPS. The company’s quarterly revenue was up 198.9% compared to the same quarter last year. On average, analysts expect that Rigetti Computing, Inc. will post -0.19 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares in the company, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction 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 approximately $11,421,533.28. The trade was a 5.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 63,430 shares of company stock valued at $1,233,336. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Heritage Wealth Advisors boosted its holdings in shares of Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after buying an additional 954 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after buying an additional 707 shares in the last quarter. PeakShares LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at $28,000. EFG International AG acquired a new position in shares of Rigetti Computing in the 4th quarter valued at $28,000. Finally, Tsfg LLC boosted its holdings in shares of Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares in the last quarter. 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.