Rigetti Computing (NASDAQ:RGTI) Shares Up 1.8% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 1.8% on Wednesday . The stock traded as high as $18.67 and last traded at $18.42. Approximately 16,619,150 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 33,029,586 shares. The stock had previously closed at $18.09.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of research analyst reports. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a research report on Tuesday, May 12th. Jefferies Financial Group reaffirmed a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Mizuho cut their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Finally, Benchmark began coverage on Rigetti Computing in a research note on Monday, July 27th. They issued a “buy” rating and a $25.00 price objective for the company. Seven 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 data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.

Rigetti Computing Stock Performance

The business has a 50 day simple moving average of $17.72 and a 200-day simple moving average of $17.84. The firm has a market cap of $6.20 billion, a price-to-earnings ratio of -20.75 and a beta of 1.99.

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

Insiders Place Their Bets

In other news, Director Ray O. Johnson sold 122,188 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the sale, the director owned 171,273 shares in the company, valued at $3,648,114.90. This represents a 41.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the transaction, the chief financial officer directly owned 171,927 shares in the company, valued at $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 728,901 shares of company stock valued at $17,546,343 in the last three months. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Clear Street Group Inc. increased its stake in shares of Rigetti Computing by 71.1% in the fourth quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock worth $60,761,000 after purchasing an additional 1,140,183 shares in the last quarter. Patriot Financial Group Insurance Agency LLC raised its position in shares of Rigetti Computing by 105.3% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock valued at $1,733,000 after purchasing an additional 63,331 shares during the period. Intech Investment Management LLC lifted its stake in shares of Rigetti Computing by 66.3% during the 4th quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock valued at $2,664,000 after buying an additional 47,935 shares in the last quarter. Spear Advisors LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at approximately $2,062,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Rigetti Computing in the 4th quarter worth approximately $4,937,000. Hedge funds and other institutional investors 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.