Rigetti Computing (NASDAQ:RGTI) Stock Price Up 3.5% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 3.5% during mid-day trading on Monday . The company traded as high as $17.69 and last traded at $17.60. 25,936,862 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 31,452,207 shares. The stock had previously closed at $17.01.

Analyst Ratings Changes

Several brokerages recently commented on RGTI. Jefferies Financial Group initiated coverage on shares of Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price for the company. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Needham & Company LLC lowered their target price on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Finally, Williams Trading set a $40.00 price target on Rigetti Computing in a research report on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.70.

Rigetti Computing Trading Down 0.3%

The firm’s 50 day moving average price is $20.03 and its two-hundred day moving average price is $25.94. The company has a market capitalization of $5.59 billion, a price-to-earnings ratio of -24.91 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business had revenue of $1.87 million during the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The firm’s revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 40.4% during the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares during the last quarter. Marex Group plc bought a new position in Rigetti Computing during the second quarter worth $87,414,000. Victory Capital Management Inc. increased its holdings in shares of Rigetti Computing by 1,632.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after purchasing an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. bought a new position in shares of Rigetti Computing in the second quarter valued at about $21,887,000. Finally, Norges Bank bought a new position in shares of Rigetti Computing in the fourth quarter valued at about $38,889,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.