Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $15.20, but opened at $16.39. Rigetti Computing shares last traded at $16.4080, with a volume of 15,232,679 shares.
Rigetti Computing News Roundup
Here are the key news stories impacting Rigetti Computing this week:
- Positive Sentiment: Rigetti signed an agreement with the U.S. Department of Commerce for up to $100 million under the CHIPS and Science Act. The funding will support research and development aimed at scaling superconducting quantum computers, while the government receives a minority, non-controlling equity stake. The deal improves Rigetti’s cash runway, validates its technology as strategically important and could reduce the need for dilutive capital raises. Rigetti Signs Definitive Agreement for $100M with U.S. Government
- Positive Sentiment: The federal investment is part of a combined $300 million initiative covering Rigetti, D-Wave Quantum and Quantinuum. The government backing and related quantum-manufacturing incentives may support the sector’s long-term growth and commercial development. U.S. Gets Minority Stakes in D-Wave, Rigetti and Quantinuum
- Neutral Sentiment: Analysts and financial commentary continue to identify government support, partnerships and quantum-computing demand as potential long-term catalysts. However, Rigetti remains a speculative, high-beta stock; its market capitalization is about $5.1 billion despite an expected annual loss and a negative price-to-earnings ratio.
- Negative Sentiment: Recent coverage highlights widening losses, lumpy revenue and execution risks. Rigetti’s latest quarterly revenue was approximately $5.14 million, while it remained deeply unprofitable, making the company’s valuation dependent on future technological and commercial breakthroughs. Rising Losses Weigh on Rigetti’s Outlook
- Negative Sentiment: Quantum stocks broadly retreated as rising expectations for another Federal Reserve rate move pressured speculative growth shares. Separately, Rigetti’s CFO recently sold 25,000 shares, an insider transaction that may add to investor caution.
Analysts Set New Price Targets
Several research firms have recently commented on RGTI. Jefferies Financial Group reiterated a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Weiss Ratings upgraded shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 2nd. Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Benchmark began coverage on Rigetti Computing in a research report on Monday, July 27th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Zacks Research downgraded Rigetti Computing from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Rigetti Computing presently has a consensus rating of “Hold” and a consensus price target of $30.67.
Rigetti Computing Stock Down 3.6%
The stock has a market capitalization of $5.09 billion, a PE ratio of -16.93 and a beta of 2.00. The stock has a fifty day moving average of $16.20 and a 200-day moving average of $17.65.
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $5.14 million for 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 research analysts expect that Rigetti Computing, Inc. will post -0.27 EPS for the current year.
Insider Transactions at Rigetti Computing
In related news, COO David Rivas sold 9,038 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total transaction of $151,748.02. Following the transaction, the chief operating officer owned 316,907 shares in the company, valued at $5,320,868.53. This trade represents a 2.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray Johnson sold 84,944 shares of the firm’s stock in a transaction that occurred on 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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 128,633 shares of company stock worth $2,434,889. 1.60% of the stock is owned by company insiders.
Institutional Investors Weigh In On Rigetti Computing
A number of hedge funds have recently added to or reduced their stakes in RGTI. Royal Bank of Canada boosted its position in shares of Rigetti Computing by 106.2% during the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after purchasing an additional 113,644 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Rigetti Computing by 138.9% in the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after purchasing an additional 47,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Rigetti Computing by 25.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after purchasing an additional 22,770 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Rigetti Computing by 197.8% in the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after purchasing an additional 16,998 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in Rigetti Computing during the first quarter worth about $3,115,000. 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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