Rigetti Computing (NASDAQ:RGTI) Trading 13.3% Higher - Here's What Happened

Key Points

• Shares jumped 13.3% intraday to about $19.11 on heavy volume (up ~156% vs. average), driven by sector momentum and catalysts like NVIDIA’s Ising models and renewed attention to Rigetti’s rollout of its 108‑qubit Cepheus‑1 system and on‑premises order pipeline.
• Wall Street sentiment skews positive—eight Buys, three Holds and one Sell—with an average price target of about $31.70 and several firms raising targets into the $35–$40 range, supporting speculative inflows on upbeat headlines.
• Risks remain: the company reported revenue down 17.9% year‑over‑year and a continued EPS loss despite a slight quarterly beat, while recent insider selling and some institutional reductions temper longer‑term conviction.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares were up 13.3% during trading on Wednesday . The company traded as high as $19.51 and last traded at $19.11. Approximately 76,267,953 shares traded hands during mid-day trading, an increase of 156% from the average daily volume of 29,823,939 shares. The stock had previously closed at $16.87.

Rigetti Computing News Roundup

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: NVIDIA’s launch of the open‑source Ising AI models is being treated as a major catalyst for quantum hardware vendors because it standardizes calibration and error‑correction tooling — a validation that lifted IonQ and Rigetti alike. Read More.
• Positive Sentiment: Renewed investor focus on Rigetti’s 108‑qubit Cepheus‑1 system becoming generally available, plus visibility into on‑premises orders (including a reported government‑linked purchase), is being cited as a direct company catalyst. Read More.
• Positive Sentiment: Recent analyst coverage skews positive (multiple Buy/Outperform ratings and a median price target materially above current levels), which supports speculative inflows on positive headlines. Read More.
• Neutral Sentiment: Sector momentum: pure‑play quantum names have staged back‑to‑back rallies, amplifying moves in Rigetti even when company news is incremental. Read More.
• Neutral Sentiment: High volume and recent price spikes have attracted attention, but some coverage flags that short‑term earnings/estimate trends may not justify sustained near‑term gains. Read More.
• Negative Sentiment: Insider selling and large institutional position reductions have been reported (several executive sales and notable hedge‑fund rebalancing), a potential caution for longer‑term conviction. Read More.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several recent analyst reports. Wedbush lifted their target price on Rigetti Computing from $35.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday, January 21st. B. Riley Financial raised Rigetti Computing from a "neutral" rating to a "buy" rating and set a $35.00 price target on the stock in a research report on Thursday, January 22nd. Benchmark cut their price objective on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a report on Friday, March 20th. Rosenblatt Securities reiterated a "buy" rating and issued a $40.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 5th. Finally, Wall Street Zen cut Rigetti Computing from a "hold" rating to a "sell" rating in a research note on Saturday, February 21st. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $31.70.

Rigetti Computing Trading Up 13.3%

The stock has a market cap of $6.35 billion, a price-to-earnings ratio of -28.10 and a beta of 1.82. The company has a 50 day simple moving average of $15.87 and a 200-day simple moving average of $25.00.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.02. The business had revenue of $1.87 million during the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.Rigetti Computing's revenue was down 17.9% on a year-over-year basis. Equities analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the sale, the chief financial officer directly owned 175,609 shares in the company, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO David Rivas sold 36,719 shares of Rigetti Computing 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 completion of the sale, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their position. The SEC filing for this sale provides additional information.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the business. Danske Bank A S bought a new stake in Rigetti Computing in the third quarter valued at approximately $30,000. Parallel Advisors LLC raised its position in shares of Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company's stock valued at $32,000 after purchasing an additional 871 shares during the period. Clearstead Advisors LLC bought a new position in shares of Rigetti Computing in the third quarter valued at about $35,000. Heritage Wealth Advisors lifted its stake in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock worth $26,000 after buying an additional 954 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock worth $27,000 after buying an additional 707 shares during the last quarter. Institutional investors own 35.38% of the company's stock.

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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