Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report)’s stock price shot up 8.2% during mid-day trading on Monday . The stock traded as high as $23.57 and last traded at $22.70. 44,537,948 shares changed hands during trading, an increase of 23% from the average session volume of 36,079,469 shares. The stock had previously closed at $20.98.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on RGTI. Northland Securities began coverage on Rigetti Computing in a research note on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective for the company. Benchmark dropped their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.18.
View Our Latest Stock Analysis on Rigetti Computing
Rigetti Computing Price Performance
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The company’s revenue was up 198.9% compared to the same quarter last year. As a group, research analysts expect that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.
Insiders Place Their Bets
In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the sale, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of Rigetti Computing stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the sale, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. This trade represents a 2.10% decrease in their position. 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. Insiders sold a total of 643,957 shares of company stock valued at $15,800,744 over the last 90 days. Insiders own 1.60% of the company’s stock.
Institutional Investors Weigh In On Rigetti Computing
Hedge funds and other institutional investors have recently modified their holdings of the stock. Heritage Wealth Advisors lifted its stake in shares of Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after acquiring an additional 954 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the last quarter. PeakShares LLC bought a new stake in shares of Rigetti Computing in the 1st quarter valued at about $28,000. EFG International AG bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $28,000. Finally, Tsfg LLC lifted its stake in shares of Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 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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