Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) rose 4.9% during trading on Tuesday . The stock traded as high as $16.27 and last traded at $16.11. 20,736,535 shares were traded during trading, a decline of 40% from the average session volume of 34,847,961 shares. The stock had previously closed at $15.36.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on RGTI shares. Northland Securities started coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, June 11th. Mizuho cut their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Finally, Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a report on Sunday. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.
Read Our Latest Stock Analysis on Rigetti Computing
Rigetti Computing Stock Performance
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $4.09 million. During the same period in the prior year, the firm posted ($0.05) EPS. The company’s revenue for the quarter was up 198.9% on a year-over-year basis. Equities analysts forecast 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 firm’s stock in a transaction dated 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 transaction, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This trade represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the sale, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This represents a 2.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is owned by company insiders.
Institutional Investors Weigh In On Rigetti Computing
Several institutional investors have recently made changes to their positions in the stock. Heritage Wealth Advisors increased its stake in 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 acquiring an additional 954 shares during the period. Larson Financial Group LLC lifted its position 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 valued at $27,000 after acquiring an additional 707 shares during the period. PeakShares LLC acquired a new stake in shares of Rigetti Computing during the 1st quarter worth $28,000. EFG International AG acquired a new stake in shares of Rigetti Computing during the 4th quarter worth $28,000. Finally, Tsfg LLC increased its position in shares of Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the period. 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.
Featured Articles
- Five stocks we like better than Rigetti Computing
- Why Conagra’s Dividend Cut Could Be the Best Thing for Investors
- Japan’s Crypto Overhaul Could Open the Door to a Wave of Institutional Money
- Cintas Keeps Beating Expectations—And the Story Isn’t Over
- Which Storage Stock Is Best Positioned to Win the AI Memory War?
Receive News & Ratings for Rigetti Computing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rigetti Computing and related companies with MarketBeat.com's FREE daily email newsletter.
