Rigetti Computing (NASDAQ:RGTI) Shares Up 6% - Time to Buy?

Key Points

• Shares jumped 6% intraday to a high of $25.85 (last $25.01) on Monday, with ~39.4M shares traded—slightly above the average—after a prior close of $23.60.
• Analysts' consensus is a Moderate Buy with an average target of $31.22 (ratings split: 6 Buy, 2 Hold, 1 Sell) and individual price targets as high as $50.
• Fundamentals remain weak: quarterly EPS was -$0.03, revenue fell 18.1% YoY to $1.95M, and the company reported an extremely negative net margin; additionally, a director sold 62,000 shares at $44.89, cutting their stake by 34%.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 6% during mid-day trading on Monday . The stock traded as high as $25.85 and last traded at $25.01. 39,385,505 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 38,370,492 shares. The stock had previously closed at $23.60.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rigetti Computing in a research note on Monday, December 29th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Benchmark reduced their price objective on Rigetti Computing from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Tuesday, November 11th. Williams Trading set a $40.00 target price on shares of Rigetti Computing in a research note on Tuesday, November 11th. Finally, Mizuho began coverage on Rigetti Computing in a report on Thursday, December 11th. They issued an "outperform" rating and a $50.00 target price on the stock. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $31.22.

Rigetti Computing Stock Up 6.0%

The business has a 50-day moving average of $27.95 and a 200-day moving average of $24.11. The stock has a market cap of $8.25 billion, a price-to-earnings ratio of -19.24 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.02. The company had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.Rigetti Computing's revenue for the quarter was down 18.1% compared to the same quarter last year. Equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the stock in a transaction on Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares of the company's stock, valued at $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Rothschild Investment LLC raised its position in shares of Rigetti Computing by 26.1% in the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company's stock valued at $50,000 after purchasing an additional 345 shares during the period. Trust Co. of Toledo NA OH raised its holdings in Rigetti Computing by 1.7% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company's stock worth $631,000 after acquiring an additional 357 shares during the period. Prospera Financial Services Inc boosted its holdings in Rigetti Computing by 1.0% during the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company's stock valued at $1,245,000 after acquiring an additional 419 shares during the period. MAI Capital Management grew its position in shares of Rigetti Computing by 17.7% in the third quarter. MAI Capital Management now owns 3,763 shares of the company's stock valued at $112,000 after purchasing an additional 566 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Rigetti Computing by 25.6% in the third quarter. GAMMA Investing LLC now owns 2,878 shares of the company's stock worth $86,000 after purchasing an additional 587 shares during the period. 35.38% of the stock is currently 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.

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