Rigetti Computing (NASDAQ:RGTI) Stock Price Up 8.5% - Here's What Happened

Key Points

• RGTI jumped 8.5% on Thursday, trading as high as $17.51 and last at $17.45 on about 25.31 million shares, roughly 16% below its average daily volume.
• Analysts hold a consensus rating of "Moderate Buy" with an average price target of $30.64 (breakdown: 8 Buys, 4 Holds, 1 Sell).
• Fundamentals remain weak despite a slight EPS beat (Q1 EPS -$0.03 vs. -$0.05 est.); revenue fell 17.9% YoY to $1.87M and the company shows a deeply negative net margin, while the CTO and CFO disclosed insider stock sales on March 10.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price rose 8.5% during trading on Thursday . The company traded as high as $17.51 and last traded at $17.45. Approximately 25,310,041 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 29,989,670 shares. The stock had previously closed at $16.08.

Analyst Ratings Changes

RGTI has been the topic of a number of research reports. Needham & Company LLC cut their price target on Rigetti Computing from $51.00 to $31.00 and set a "buy" rating on the stock in a report on Thursday, March 5th. Wall Street Zen lowered Rigetti Computing from a "hold" rating to a "sell" rating in a report on Sunday. B. Riley Financial upgraded Rigetti Computing from a "neutral" rating to a "buy" rating and set a $35.00 price target on the stock in a report on Thursday, January 22nd. Northland Securities initiated coverage on Rigetti Computing in a report on Monday, April 20th. They issued a "market perform" rating and a $20.00 price target on the stock. Finally, Royal Bank Of Canada lowered Rigetti Computing to a "hold" rating in a report on Thursday, January 22nd. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $30.64.

Rigetti Computing Stock Up 8.5%

The firm has a market cap of $5.80 billion, a P/E ratio of -25.66 and a beta of 1.82. The firm has a fifty day moving average of $16.23 and a 200-day moving average of $23.52.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released 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. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The business had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. The company's revenue was down 17.9% compared to the same quarter last year. On average, equities analysts forecast that Rigetti Computing, Inc. will post -0.16 EPS for the current year.

Insider Activity

In related news, CTO David Rivas sold 36,719 shares of the company's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the sale, the chief financial officer owned 175,609 shares in the company, valued at $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.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Rothschild Investment LLC raised its holdings in Rigetti Computing by 26.1% during the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company's stock worth $50,000 after acquiring an additional 345 shares in the last quarter. Prospera Financial Services Inc raised 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 worth $1,245,000 after acquiring an additional 419 shares in the last quarter. Kestra Private Wealth Services LLC increased its position in Rigetti Computing by 1.4% during the fourth quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company's stock worth $831,000 after buying an additional 535 shares during the last quarter. MAI Capital Management increased its position in Rigetti Computing by 17.7% during the third quarter. MAI Capital Management now owns 3,763 shares of the company's stock worth $112,000 after buying an additional 566 shares during the last quarter. Finally, Global Retirement Partners LLC increased its position in Rigetti Computing by 10.2% during the fourth quarter. Global Retirement Partners LLC now owns 6,656 shares of the company's stock worth $147,000 after buying an additional 615 shares during the last quarter. Institutional investors own 35.38% of the company's stock.

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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