Rigetti Computing (NASDAQ:RGTI) Stock Price Up 7.2% on Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 7.2% on Tuesday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock traded as high as $15.40 and last traded at $15.28. Approximately 18,670,973 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 34,342,773 shares. The stock had previously closed at $14.25.

Several other equities research analysts have also issued reports on the company. 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. Needham & Company LLC restated a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Northland Securities assumed coverage on Rigetti Computing in a report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, June 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Insider Activity

In related news, CTO David Rivas sold 499,328 shares of the stock in a transaction on Friday, May 29th. The stock was 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 of the company’s stock, valued at $8,279,003. This 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 firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the sale, the chief financial officer owned 171,927 shares in the company, valued at $3,945,724.65. The trade was 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. In the last quarter, insiders have sold 728,901 shares of company stock worth $17,546,343. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of the company. Kestra Private Wealth Services LLC increased its holdings in shares of Rigetti Computing by 1.4% in the fourth quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after buying an additional 535 shares during the period. Global Retirement Partners LLC boosted its holdings in Rigetti Computing by 10.2% during the 4th quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock valued at $147,000 after acquiring an additional 615 shares during the period. Comerica Bank boosted its holdings in Rigetti Computing by 2.1% during the 3rd quarter. Comerica Bank now owns 31,901 shares of the company’s stock valued at $950,000 after acquiring an additional 653 shares during the period. Main Management ETF Advisors LLC grew its position in Rigetti Computing by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 64,206 shares of the company’s stock worth $1,422,000 after acquiring an additional 656 shares during the last quarter. Finally, Larson Financial Group LLC grew its position in 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 acquiring an additional 707 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Trading Up 7.2%

The stock has a 50 day simple moving average of $19.88 and a 200 day simple moving average of $18.86. The firm has a market capitalization of $5.08 billion, a PE ratio of -17.56 and a beta of 1.95.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business’s revenue was up 198.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.05) earnings per share. As a group, equities analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

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.