Rigetti Computing (NASDAQ:RGTI) Shares Up 1.1% - What's Next?

Key Points

• Rigetti shares were up 1.1% mid-day, last trading at $17.70 (intraday high $18.65) on ~27.7M shares, about 7% below its average session volume.
• Analyst sentiment is broadly positive — 8 Buys, 4 Holds and 1 Sell — giving a consensus "Moderate Buy" with an average price target of $30.64 and individual targets roughly between $20 and $40.
• The most recent quarter showed an EPS beat of -$0.03 vs. -$0.05 estimate but revenue missed at $1.87M (down 17.9% YoY); insiders (including the CTO and CFO) sold shares recently while institutional ownership is about 35%, led by a large Vanguard stake.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded up 1.1% during mid-day trading on Monday . The company traded as high as $18.65 and last traded at $17.70. 27,675,177 shares were traded during mid-day trading, a decline of 7% from the average session volume of 29,805,352 shares. The stock had previously closed at $17.50.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Northland Securities assumed coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They issued a "market perform" rating and a $20.00 price target on the stock. Needham & Company LLC dropped their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a "buy" rating on the stock in a report on Thursday, March 5th. Wedbush boosted their target price on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, January 21st. Benchmark dropped their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a report on Friday, March 20th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Rigetti Computing currently has an average rating of "Moderate Buy" and an average target price of $30.64.

Rigetti Computing Stock Up 1.1%

The firm has a market capitalization of $5.88 billion, a P/E ratio of -26.03 and a beta of 1.79. The company's 50 day moving average is $16.25 and its 200-day moving average is $23.02.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The business had revenue of $1.87 million for the quarter, compared to analyst estimates 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 quarterly revenue was down 17.9% on a year-over-year basis. On average, analysts predict that Rigetti Computing, Inc. will post -0.16 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the transaction, the chief technology officer owned 651,914 shares in the company, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares in the company, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Rigetti Computing by 12.2% in the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company's stock valued at $796,750,000 after purchasing an additional 3,924,171 shares in the last quarter. State Street Corp lifted its position in shares of Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company's stock valued at $104,997,000 after purchasing an additional 946,850 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company's stock valued at $174,930,000 after purchasing an additional 196,891 shares in the last quarter. UBS Group AG lifted its position in shares of Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company's stock valued at $91,788,000 after purchasing an additional 1,467,483 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Rigetti Computing by 16.3% during the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company's stock valued at $84,785,000 after purchasing an additional 397,905 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

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.

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