Rigetti Computing (NASDAQ:RGTI) Trading Up 1.1% - Here's Why

Key Points

• Rigetti shares rose 1.1% to $18.82 in mid-day trading, with approximately 16.9 million shares changing hands—49% below average volume.
• Analyst sentiment remains mixed but leans positive: the stock has a “Moderate Buy” consensus rating and an average price target of $30.67, compared with its recent trading price.
• Rigetti’s latest quarterly results met expectations, with an adjusted loss of $0.05 per share and revenue of $5.14 million, while insiders sold 728,901 shares worth approximately $17.5 million over the past quarter.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 1.1% during mid-day trading on Friday . The company traded as high as $19.25 and last traded at $18.82. Approximately 16,904,266 shares traded hands during trading, a decline of 49% from the average daily volume of 32,838,086 shares. The stock had previously closed at $18.62.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RGTI. Jefferies Financial Group reissued a "hold" rating and issued a $18.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Northland Securities began coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a "market perform" rating and a $20.00 price objective on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $31.00 target price on shares of Rigetti Computing in a research report on Tuesday, May 12th. Wall Street Zen cut shares of Rigetti Computing from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings lowered shares of Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Rigetti Computing has an average rating of "Moderate Buy" and an average target price of $30.67.

Rigetti Computing Trading Up 1.1%

The stock's fifty day moving average price is $17.72 and its 200-day moving average price is $17.84. The firm has a market cap of $6.26 billion, a price-to-earnings ratio of -20.91 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.05). Rigetti Computing had a negative return on equity of 17.82% and a negative net margin of 2,189.54%.The firm had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. Analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Ray O. Johnson sold 122,188 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the completion of the transaction, the director directly owned 171,273 shares of the company's stock, valued at approximately $3,648,114.90. This represents a 41.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the transaction, the chief financial officer owned 171,927 shares in the company, valued at $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 728,901 shares of company stock worth $17,546,343. Corporate insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the stock. Compass Financial Management LLC purchased a new position in Rigetti Computing during the 2nd quarter worth $34,000. Handelsbanken Fonder AB increased its stake in shares of Rigetti Computing by 21.0% during the second quarter. Handelsbanken Fonder AB now owns 122,500 shares of the company's stock worth $2,367,000 after acquiring an additional 21,300 shares during the period. Valeo Financial Advisors LLC acquired a new position in shares of Rigetti Computing during the second quarter worth about $197,000. NewEdge Advisors LLC raised its holdings in Rigetti Computing by 6.7% during the first quarter. NewEdge Advisors LLC now owns 65,694 shares of the company's stock worth $922,000 after purchasing an additional 4,149 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Rigetti Computing by 7.3% during the first quarter. Janus Henderson Group PLC now owns 199,987 shares of the company's stock worth $2,809,000 after purchasing an additional 13,666 shares in the last quarter. Institutional investors and hedge funds 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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