Rigetti Computing (NASDAQ:RGTI) Trading Up 7.2% - Here's What Happened

Key Points

• Rigetti Computing shares jumped 7.2% to $16.02, with about 23 million shares traded. The company has a $5.33 billion market capitalization and trades below both its 50-day and 200-day moving averages.
• Analyst sentiment is broadly positive: seven analysts rate the stock a Buy, four rate it Hold and one rates it Sell, producing a consensus “Moderate Buy” rating and a $32 target price.
• Rigetti reported better-than-expected quarterly results, including $4.40 million in revenue—up 198.9% year over year—and an adjusted loss of $0.04 per share. However, insiders sold 728,901 shares worth approximately $17.5 million over the last quarter.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 7.2% on Monday . The company traded as high as $16.30 and last traded at $16.02. Approximately 23,046,176 shares traded hands during trading, a decline of 31% from the average daily volume of 33,615,398 shares. The stock had previously closed at $14.95.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several recent analyst reports. Benchmark assumed coverage on Rigetti Computing in a research report on Monday, July 27th. They set a "buy" rating and a $25.00 target price for the company. Northland Securities initiated 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 for the company. Wedbush began coverage on shares of Rigetti Computing in a research report on Monday. They set an "outperform" rating and a $40.00 target price on the stock. Wall Street Zen upgraded Rigetti Computing from a "sell" rating to a "hold" rating in a report on Monday, July 20th. Finally, Weiss Ratings upgraded Rigetti Computing from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Rigetti Computing presently has an average rating of "Moderate Buy" and a consensus target price of $32.00.

Rigetti Computing Price Performance

The company's fifty day simple moving average is $19.16 and its 200-day simple moving average is $18.30. The firm has a market capitalization of $5.33 billion, a PE ratio of -18.41 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. The company had revenue of $4.40 million during the quarter, compared to analysts' expectations of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The firm's revenue was up 198.9% compared to the same quarter last year. During the same period last year, the business posted ($0.05) earnings per share. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, Director Ray O. Johnson sold 84,944 shares of Rigetti Computing stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the completion of the transaction, the director owned 95,537 shares in the company, valued at approximately $1,963,285.35. This trade represents a 47.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer owned 325,945 shares of the company's stock, valued at approximately $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 728,901 shares of company stock valued at $17,546,343 over the last quarter. 1.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 12.2% in the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company's stock valued at $796,750,000 after purchasing an additional 3,924,171 shares in the last quarter. State Street Corp lifted its position in Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company's stock worth $104,997,000 after buying an additional 946,850 shares in the last quarter. Geode Capital Management LLC grew its holdings in Rigetti Computing by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company's stock valued at $174,930,000 after buying an additional 196,891 shares in the last quarter. UBS Group AG boosted its position in shares of 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 during the last quarter. Finally, Northern Trust Corp increased its position in Rigetti Computing by 16.3% during the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company's stock worth $84,785,000 after purchasing an additional 397,905 shares during 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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