Rigetti Computing (NASDAQ:RGTI) Trading 3.3% Higher – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price rose 3.3% during trading on Monday . The company traded as high as $25.64 and last traded at $25.53. Approximately 25,538,310 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 33,135,188 shares. The stock had previously closed at $24.72.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RGTI. Jefferies Financial Group initiated coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They set a “hold” rating and a $30.00 price target on the stock. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a report on Tuesday, November 11th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $31.22.

Rigetti Computing Trading Up 3.3%

The business has a 50 day moving average of $26.12 and a 200-day moving average of $24.70. The stock has a market cap of $8.43 billion, a PE ratio of -19.64 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. The business’s revenue was down 18.1% compared to the same quarter last year. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the completion of the transaction, the director owned 120,371 shares of the company’s stock, valued at approximately $5,403,454.19. The trade was a 34.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. boosted its position in shares of Rigetti Computing by 119.2% in the second quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock worth $3,087,000 after buying an additional 141,541 shares during the period. Atria Wealth Solutions Inc. purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at about $392,000. Avior Wealth Management LLC acquired a new position in Rigetti Computing during the 2nd quarter worth approximately $121,000. Cavalier Investments LLC purchased a new position in Rigetti Computing in the 2nd quarter worth approximately $589,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Rigetti Computing in the second quarter valued at approximately $217,000. 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.