Rigetti Computing (NASDAQ:RGTI) Shares Up 7.2% Following Analyst Upgrade

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

A number of other equities analysts also recently commented on RGTI. Northland Securities assumed coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective for the company. Mizuho lowered their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a report on Thursday, June 11th. Needham & Company LLC reissued a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Finally, Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Monday. Seven equities research 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.00.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction 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. The trade was a 60.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ray O. Johnson sold 122,188 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total value of $2,602,604.40. Following the transaction, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. This trade represents a 41.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 728,901 shares of company stock worth $17,546,343. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the business. Danske Bank A S bought a new position in shares of Rigetti Computing in the third quarter valued at about $30,000. Parallel Advisors LLC boosted its holdings in shares of Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after buying an additional 871 shares during the period. Heritage Wealth Advisors grew its stake in Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after buying an additional 954 shares during the last quarter. Larson Financial Group LLC grew its stake in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after buying an additional 707 shares during the last quarter. Finally, EFG International AG bought a new position in Rigetti Computing in the 4th quarter valued at about $28,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

The company’s fifty day simple moving average is $19.82 and its two-hundred day simple moving average is $18.81. The stock has a market capitalization of $5.06 billion, a P/E ratio of -17.51 and a beta of 1.95.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping 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 company had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The business’s revenue was up 198.9% on a year-over-year basis. On average, research analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Rigetti Computing Company Profile

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.