Rigetti Computing (NASDAQ:RGTI) Trading Up 7.2% on Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price rose 7.2% during trading on Tuesday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The company traded as high as $15.40 and last traded at $15.28. Approximately 18,670,973 shares were traded during mid-day trading, a decline of 46% from the average session volume of 34,342,773 shares. The stock had previously closed at $14.25.

Other analysts also recently issued reports about the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Needham & Company LLC restated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Mizuho dropped their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Northland Securities began coverage on Rigetti Computing in a report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research report on Thursday, June 11th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Insider Buying and Selling at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was 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 of the company’s stock, valued at approximately $3,945,724.65. This trade represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer owned 325,945 shares in the company, valued at approximately $8,279,003. This represents a 60.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 728,901 shares of company stock worth $17,546,343 over the last three months. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its holdings in shares of Rigetti Computing by 106.2% in the first quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after purchasing an additional 113,644 shares during the last quarter. AQR Capital Management LLC raised its holdings in Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after buying an additional 47,115 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Rigetti Computing by 25.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after buying an additional 22,770 shares during the last quarter. NewEdge Advisors LLC boosted its position in Rigetti Computing by 197.8% during the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after buying an additional 16,998 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in Rigetti Computing during the 1st quarter valued at $3,115,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Trading Up 7.2%

The firm has a market cap of $5.08 billion, a P/E ratio of -17.56 and a beta of 1.95. The business’s fifty day simple moving average is $19.95 and its 200-day simple moving average is $18.91.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $4.40 million for the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The company’s revenue for the quarter was up 198.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.05) earnings per share. Analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

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.