Rigetti Computing (NASDAQ:RGTI) Trading Up 7.3% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 7.3% during mid-day trading on Friday . The company traded as high as $16.24 and last traded at $16.09. 28,395,436 shares were traded during trading, a decline of 13% from the average session volume of 32,549,801 shares. The stock had previously closed at $14.99.

Analyst Upgrades and Downgrades

RGTI has been the subject of a number of research reports. Royal Bank Of Canada downgraded shares of Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Mizuho initiated coverage on Rigetti Computing in a research note on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price objective on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research report on Wednesday, January 21st. Finally, Williams Trading set a $40.00 price objective on Rigetti Computing in a research note on Tuesday, November 11th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Price Performance

The company has a 50 day simple moving average of $22.92 and a 200-day simple moving average of $25.64. The firm has a market cap of $5.30 billion, a PE ratio of -12.36 and a beta of 1.69.

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

Institutional Trading of Rigetti Computing

Large investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc increased its holdings in shares of Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after purchasing an additional 1,300 shares in the last quarter. Heritage Wealth Advisors grew its position in Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares during the period. Larson Financial Group LLC grew its position in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares during the period. Tsfg LLC raised its stake in Rigetti Computing by 320.5% during 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 during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Rigetti Computing by 180.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after buying an additional 858 shares during the last quarter. 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.