Rigetti Computing (NASDAQ:RGTI) Trading Up 5.1% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 5.1% during trading on Wednesday . The company traded as high as $25.73 and last traded at $25.72. 29,115,720 shares were traded during mid-day trading, a decline of 8% from the average session volume of 31,693,313 shares. The stock had previously closed at $24.47.

Analyst Ratings Changes

Several equities analysts have recently issued reports on RGTI shares. B. Riley lowered their price target on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Wedbush began coverage on shares of Rigetti Computing in a research report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 price objective on the stock. Mizuho assumed coverage on shares of Rigetti Computing in a research note on Thursday, December 11th. They set an “outperform” rating and a $50.00 price objective for the company. Williams Trading set a $40.00 target price on shares of Rigetti Computing in a research note on Tuesday, November 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $31.22.

Rigetti Computing Trading Up 5.1%

The company’s 50 day simple moving average is $25.91 and its 200-day simple moving average is $24.80. The firm has a market cap of $8.49 billion, a P/E ratio of -19.78 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $1.95 million during the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. Rigetti Computing’s quarterly revenue was down 18.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction on Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the sale, the director directly owned 120,371 shares in the company, valued at approximately $5,403,454.19. The trade was a 34.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently bought and sold shares of RGTI. Osaic Holdings Inc. lifted its holdings in shares of Rigetti Computing by 119.2% in the second quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock worth $3,087,000 after buying an additional 141,541 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new position in Rigetti Computing during the second quarter valued at $392,000. Avior Wealth Management LLC bought a new stake in Rigetti Computing in the 2nd quarter valued at $121,000. Cavalier Investments LLC purchased a new stake in Rigetti Computing in the 2nd quarter worth $589,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Rigetti Computing during the 2nd quarter valued at about $217,000. Hedge funds and other 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.