Rigetti Computing (NASDAQ:RGTI) Trading 3.5% Higher – Should You Buy?
by Sarita Garza · The Markets DailyRigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) rose 3.5% during trading on Monday . The stock traded as high as $17.69 and last traded at $17.60. 25,936,862 shares were traded during trading, a decline of 18% from the average daily volume of 31,452,207 shares. The stock had previously closed at $17.01.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on RGTI shares. Mizuho dropped their price objective on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a report on Thursday. Jefferies Financial Group initiated coverage on Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price on the stock. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Finally, Williams Trading set a $40.00 price target on Rigetti Computing in a research report on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.70.
Get Our Latest Stock Report on RGTI
Rigetti Computing Stock Up 3.5%
The stock has a fifty day moving average price of $20.24 and a 200-day moving average price of $25.90. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of -25.88 and a beta of 1.72.
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last released its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The company’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.
Institutional Trading of Rigetti Computing
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Heritage Wealth Advisors grew its position in shares of Rigetti Computing by 454.3% during the fourth 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 last quarter. Larson Financial Group LLC lifted its position in shares of 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 acquiring an additional 707 shares in the last quarter. EFG International AG purchased a new position in Rigetti Computing during the 4th quarter valued at about $28,000. Tsfg LLC boosted its position in Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Rigetti Computing by 180.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after purchasing an additional 858 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.
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.