Rigetti Computing (NASDAQ:RGTI) Reaches New 1-Year High - What's Next?

Key Points

• Rigetti Computing's stock reached a new 52-week high of $21.68 during recent trading, closing at $20.97 with a significant trading volume of over 48 million shares.
• Analysts maintain a consensus rating of "Buy" for Rigetti, with price targets set between $15.00 and $19.00, reflecting strong anticipated growth.
• Recent insider activity revealed that directors sold a combined total of 125,000 shares of the company's stock, indicating a potential shift in ownership dynamics amidst the stock's rising value.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $21.68 and last traded at $20.97, with a volume of 48437809 shares traded. The stock had previously closed at $20.00.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Benchmark boosted their price objective on Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Needham & Company LLC boosted their price objective on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research note on Wednesday, July 16th. Finally, Williams Trading set a $20.00 price objective on Rigetti Computing in a research note on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Stock Up 15.3%

The company has a market cap of $9.25 billion, a PE ratio of -37.53 and a beta of 1.44. The stock has a 50-day simple moving average of $16.41 and a 200 day simple moving average of $12.55.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The company had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.87 million. As a group, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 75,000 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the sale, the director owned 653,766 shares in the company, valued at $12,421,554. The trade was a 10.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the sale, the director owned 293,461 shares in the company, valued at $5,869,220. This represents a 30.09% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 439,989 shares of company stock valued at $8,062,530. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the company. IFP Advisors Inc raised 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 valued at $26,000 after buying an additional 1,300 shares during the period. Armstrong Advisory Group Inc. raised its holdings in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after buying an additional 2,060 shares during the period. GAMMA Investing LLC raised its holdings in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after buying an additional 3,064 shares during the period. Center for Financial Planning Inc. purchased a new stake in shares of Rigetti Computing in the 1st quarter valued at $30,000. Finally, Quarry LP purchased a new stake in shares of Rigetti Computing in the 1st quarter valued at $31,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.