Rigetti Computing (NASDAQ:RGTI) Shares Up 8.1% - What's Next?

Key Points

• Rigetti Computing shares rose 8.1% to $15.99 in heavy trading, giving the company a market capitalization of approximately $5.33 billion.
• Analyst sentiment remains mixed: the stock carries a consensus “Hold” rating with an average price target of $30.67, while recent firms issued ratings ranging from “strong sell” to “outperform.”
• Rigetti reported quarterly revenue of $5.14 million and an adjusted loss of $0.05 per share, matching earnings expectations, but continues to show significant losses; insiders have sold roughly $4.3 million in shares over the past 90 days.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded up 8.1% during trading on Thursday . The company traded as high as $16.16 and last traded at $15.99. Approximately 19,440,639 shares changed hands during trading, a decline of 37% from the average session volume of 30,701,031 shares. The stock had previously closed at $14.79.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Wall Street Zen downgraded Rigetti Computing from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Weiss Ratings raised shares of Rigetti Computing from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, September 2nd. Jefferies Financial Group reissued a "hold" rating and issued a $18.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Wedbush initiated coverage on Rigetti Computing in a report on Monday, August 3rd. They issued an "outperform" rating and a $40.00 target price on the stock. Finally, Zacks Research lowered Rigetti Computing from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 19th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $30.67.

Rigetti Computing Stock Performance

The stock's fifty day moving average is $15.96 and its two-hundred day moving average is $17.58. The company has a market cap of $5.33 billion, a price-to-earnings ratio of -17.76 and a beta of 2.00.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%.The business had revenue of $5.14 million for the quarter, compared to analysts' expectations of $5.09 million. On average, equities research analysts expect that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, COO David Rivas sold 9,038 shares of Rigetti Computing stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.79, for a total value of $151,748.02. Following the completion of the transaction, the chief operating officer owned 316,907 shares in the company, valued at $5,320,868.53. This trade represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Subodh Kulkarni sold 120,000 shares of the business's stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $15.68, for a total value of $1,881,600.00. Following the sale, the chief executive officer owned 140,411 shares in the company, valued at approximately $2,201,644.48. The trade was a 46.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 248,633 shares of company stock valued at $4,316,489. Insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC increased its stake in Rigetti Computing by 5.2% in the second quarter. Sequoia Financial Advisors LLC now owns 65,906 shares of the company's stock valued at $1,273,000 after acquiring an additional 3,283 shares during the last quarter. Tidal Investments LLC purchased a new stake in Rigetti Computing during the second quarter valued at about $365,000. NewEdge Advisors LLC grew its stake in shares of Rigetti Computing by 16.8% during the second quarter. NewEdge Advisors LLC now owns 76,752 shares of the company's stock valued at $1,483,000 after buying an additional 11,058 shares during the last quarter. IFP Advisors Inc grew its stake in shares of Rigetti Computing by 85.5% during the second quarter. IFP Advisors Inc now owns 12,784 shares of the company's stock valued at $247,000 after buying an additional 5,892 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Rigetti Computing by 116.0% in the 2nd quarter. Allworth Financial LP now owns 9,987 shares of the company's stock valued at $193,000 after acquiring an additional 5,363 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti's offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.

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