Rigetti Computing (NASDAQ:RGTI) Sees Strong Trading Volume – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) saw unusually-high trading volume on Friday . Approximately 48,643,149 shares were traded during mid-day trading, an increase of 57% from the previous session’s volume of 30,974,725 shares.The stock last traded at $25.6540 and had previously closed at $22.04.

Key Rigetti Computing News

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Rigetti announced a letter of intent with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding over three years to accelerate superconducting quantum R&D, giving the company a strong credibility boost and a potential source of non-dilutive-like strategic support for development. Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research
• Positive Sentiment: The broader quantum-computing group is surging after Washington’s reported $2 billion push for the sector, lifting Rigetti along with peers like IonQ, D-Wave and Quantum Computing Inc. as investors rotate into the theme. Quantum rally sends Rigetti stock toward key resistance zone
• Positive Sentiment: Media coverage highlights Rigetti as a beneficiary of the government-backed quantum race, which is amplifying momentum and drawing in speculative buyers. Ca$htag$: RGTI Surges as Bulls Pile into Quantum Stocks
• Neutral Sentiment: Some commentary notes Rigetti still faces execution and valuation questions, and a separate headline pointed to concerns about a shelf registration and wider Q1 losses, underscoring that the rally is being driven more by catalysts and sentiment than by near-term fundamentals. Rigetti Computing (RGTI) Is Down 8.3% After Shelf Registration And Q1 Losses Widening Concerns
• Negative Sentiment: The Commerce Department deal contemplates an equity stake for the government, which could dilute existing shareholders if finalized. Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research

Analyst Ratings Changes

RGTI has been the subject of several research reports. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Benchmark reduced their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Trading Up 19.9%

The company has a 50 day simple moving average of $16.82 and a 200 day simple moving average of $20.88. The stock has a market capitalization of $8.78 billion, a PE ratio of -30.37 and a beta of 1.79.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.04) EPS 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 firm’s revenue was up 198.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.05) EPS. On average, equities research analysts predict that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the sale, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at $11,421,533.28. This represents a 5.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the sale, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rothschild Investment LLC raised its stake in Rigetti Computing by 26.1% during the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after acquiring an additional 345 shares during the last quarter. Prospera Financial Services Inc increased its position in Rigetti Computing by 1.0% during the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after purchasing an additional 419 shares during the period. Kestra Private Wealth Services LLC increased its position in Rigetti Computing by 1.4% during the 4th quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after purchasing an additional 535 shares during the period. MAI Capital Management increased its position in Rigetti Computing by 17.7% during the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after purchasing an additional 566 shares during the period. Finally, Global Retirement Partners LLC increased its position in Rigetti Computing by 10.2% during the 4th quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock worth $147,000 after purchasing an additional 615 shares during the period. 35.38% of the stock is owned by hedge funds and other 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.