Shares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) were up 1.1% on Friday . The company traded as high as $19.25 and last traded at $18.82. 16,904,266 shares traded hands during trading, a decline of 49% from the average session volume of 32,838,086 shares. The stock had previously closed at $18.62.
Wall Street Analyst Weigh In
Several analysts recently commented on RGTI shares. Benchmark initiated coverage on shares of Rigetti Computing in a research note on Monday, July 27th. They issued a “buy” rating and a $25.00 price objective for the company. Jefferies Financial Group reissued a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Mizuho dropped their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Weiss Ratings cut Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Finally, Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Seven research 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $30.67.
Get Our Latest Stock Report on Rigetti Computing
Rigetti Computing Stock Performance
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). Rigetti Computing had a negative return on equity of 17.82% and a negative net margin of 2,189.54%.The company had revenue of $5.14 million during the quarter, compared to analysts’ expectations of $5.09 million. As a group, analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current year.
Insider Buying and Selling
In related news, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ray O. Johnson sold 122,188 shares of the stock in a transaction that occurred on 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 transaction, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. This represents a 41.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 728,901 shares of company stock valued at $17,546,343. Insiders own 1.60% of the company’s stock.
Institutional Investors Weigh In On Rigetti Computing
Institutional investors have recently added to or reduced their stakes in the company. Danske Bank A S acquired a new stake in Rigetti Computing during the third quarter worth about $30,000. Parallel Advisors LLC lifted its stake in shares of Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after purchasing an additional 871 shares in the last quarter. Heritage Wealth Advisors grew its holdings 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 purchasing an additional 954 shares during the period. Larson Financial Group LLC grew its holdings 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 purchasing an additional 707 shares during the period. Finally, EFG International AG acquired a new stake in Rigetti Computing during the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.
Rigetti Computing Company Profile
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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