Rigetti Computing (NASDAQ:RGTI) Trading 2.8% Higher – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 2.8% during trading on Tuesday . The stock traded as high as $18.30 and last traded at $18.21. 30,506,643 shares changed hands during trading, a decline of 7% from the average session volume of 32,804,477 shares. The stock had previously closed at $17.71.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RGTI shares. B. Riley upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Thursday, January 22nd. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a research note on Tuesday, November 11th. Benchmark decreased their target price on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price target for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Wednesday, January 21st. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Stock Performance

The stock’s fifty day simple moving average is $24.36 and its two-hundred day simple moving average is $25.73. The stock has a market capitalization of $6.01 billion, a P/E ratio of -14.01 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. The business’s revenue for the quarter 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 Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Rigetti Computing by 40.4% in the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after acquiring an additional 9,228,888 shares during the period. Marex Group plc acquired a new position in shares of Rigetti Computing in the 2nd quarter worth approximately $87,414,000. Ameriprise Financial Inc. acquired a new position in shares of Rigetti Computing in the 2nd quarter worth approximately $21,887,000. Clear Street Group Inc. bought a new stake in shares of Rigetti Computing in the 3rd quarter valued at $47,752,000. Finally, UBS Group AG increased its position in shares of Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares during the period. 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.