Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report)’s stock price rose 3.1% during trading on Thursday . The stock traded as high as $16.68 and last traded at $16.44. 15,092,934 shares traded hands during trading, a decline of 53% from the average daily volume of 31,978,596 shares. The stock had previously closed at $15.94.
Wall Street Analysts Forecast Growth
RGTI has been the topic of several research analyst reports. Zacks Research lowered Rigetti Computing from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Benchmark assumed coverage on shares of Rigetti Computing in a report on Monday, July 27th. They issued a “buy” rating and a $25.00 price target on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Weiss Ratings lowered shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Finally, Wedbush assumed coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $30.67.
Read Our Latest Stock Analysis on RGTI
Rigetti Computing Stock Up 3.1%
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The business had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. Equities analysts expect that Rigetti Computing, Inc. will post -0.27 earnings per share for the current year.
Insider Activity
In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction 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 in the company, valued at $8,279,003. The trade was a 60.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,860 shares of Rigetti Computing stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.89, for a total value of $65,195.40. Following the completion of the transaction, the chief financial officer owned 168,067 shares of the company’s stock, valued at $2,838,651.63. This trade represents a 2.25% 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 90 days, insiders have sold 725,149 shares of company stock worth $17,345,425. 1.60% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Rigetti Computing
A number of institutional investors have recently made changes to their positions in the company. Clear Street Group Inc. grew its stake in Rigetti Computing by 71.1% during the 4th quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock worth $60,761,000 after buying an additional 1,140,183 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its stake in Rigetti Computing by 105.3% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock valued at $1,733,000 after buying an additional 63,331 shares during the last quarter. Intech Investment Management LLC boosted its holdings in shares of Rigetti Computing by 66.3% during the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock valued at $2,664,000 after acquiring an additional 47,935 shares during the period. Spear Advisors LLC acquired a new position in shares of Rigetti Computing during the fourth quarter valued at $2,062,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Rigetti Computing during the fourth quarter worth about $4,937,000. 35.38% of the stock is currently owned by institutional investors.
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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