Rigetti Computing (NASDAQ:RGTI) Stock Price Up 9.9% - Time to Buy?

Key Points

• Rigetti Computing stock jumped 9.9% on Thursday, trading as high as $27.08 on heavy volume that topped its daily average.
• The company’s latest earnings beat expectations, with EPS of -$0.04 versus -$0.05 expected and revenue of $4.40 million, up 198.9% year over year.
• Wall Street remains broadly constructive: analysts rate Rigetti Moderate Buy overall with an average price target of $29.18, even though some firms have recently trimmed targets.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) rose 9.9% on Thursday . The company traded as high as $27.08 and last traded at $27.0510. Approximately 38,619,807 shares were traded during trading, an increase of 15% from the average daily volume of 33,626,742 shares. The stock had previously closed at $24.62.

Wall Street Analysts Forecast Growth

RGTI has been the topic of a number of research reports. Rosenblatt Securities restated a "buy" rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, March 5th. Needham & Company LLC restated a "buy" rating and set a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Benchmark lowered their price target on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, March 20th. Mizuho lowered their price target on Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 12th. Finally, Northland Securities began coverage on Rigetti Computing in a report on Monday, April 20th. They issued a "market perform" rating and a $20.00 price objective on the stock. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Rigetti Computing has a consensus rating of "Moderate Buy" and an average price target of $29.18.

Rigetti Computing Trading Up 5.0%

The company has a market cap of $8.59 billion, a PE ratio of -29.70 and a beta of 1.79. The business has a fifty day moving average of $17.37 and a 200-day moving average of $20.53.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same quarter in the previous year, the business earned ($0.05) EPS. Rigetti Computing's revenue was up 198.9% compared to the same quarter last year. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

Insider Transactions at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the business'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 $74,810.40. Following the transaction, 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO David Rivas sold 36,719 shares of the business's stock in a transaction dated Tuesday, March 10th. The shares were 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 63,430 shares of company stock worth $1,233,336. 1.60% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Rigetti Computing by 12.2% during the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company's stock valued at $796,750,000 after acquiring an additional 3,924,171 shares in the last quarter. State Street Corp boosted its position in Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company's stock valued at $104,997,000 after acquiring an additional 946,850 shares in the last quarter. Geode Capital Management LLC boosted its position in Rigetti Computing by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company's stock valued at $174,930,000 after acquiring an additional 196,891 shares in the last quarter. UBS Group AG boosted its position in Rigetti Computing by 90.9% during the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company's stock valued at $91,788,000 after acquiring an additional 1,467,483 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Rigetti Computing by 16.3% during the 3rd quarter. Northern Trust Corp now owns 2,846,095 shares of the company's stock valued at $84,785,000 after acquiring an additional 397,905 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

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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