Rigetti Computing (NASDAQ:RGTI) Trading Up 5% – Here’s What Happened
by Tristan Rich · The Markets DailyRigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report)’s share price was up 5% on Wednesday . The company traded as high as $15.41 and last traded at $14.53. Approximately 24,702,893 shares traded hands during trading, a decline of 15% from the average daily volume of 29,230,461 shares. The stock had previously closed at $13.84.
Key Rigetti Computing News
Here are the key news stories impacting Rigetti Computing this week:
- Positive Sentiment: Rigetti announced general availability of its Cepheus‑1‑108Q 108‑qubit system, validating its chiplet‑based scaling architecture and making the system accessible via Rigetti Quantum Cloud Services and Amazon Braket. Read More.
- Positive Sentiment: Barron’s highlights that Cepheus‑1‑108Q is Rigetti’s most powerful system to date and says the release has Wall Street excited despite an earlier delay, helping to lift investor sentiment. Read More.
- Positive Sentiment: Mizuho Securities has kept a Buy rating on RGTI, which supports the bull case among institutional investors even as other model inputs change. Read More.
- Neutral Sentiment: Rigetti expanded its footprint with a University of Saskatchewan (USask) QPU deal, showing adoption in academia and on‑premise use cases — a credibility boost but not a material near‑term revenue driver. Read More.
- Negative Sentiment: Analysts at Mizuho cut price targets across several quantum stocks (reported ~25% reductions), which pressured quantum names including RGTI even where ratings stayed constructive. This raises near‑term valuation headwinds. Read More.
- Negative Sentiment: Short‑term price weakness: recent sessions saw RGTI trade lower amid sector pressure (reports noted a ~2.5% intraday decline on April 7), reflecting the tug‑of‑war between product news and analyst calibration. Read More.
Analyst Upgrades and Downgrades
A number of research analysts have recently weighed in on RGTI shares. B. Riley Financial raised shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Thursday, January 22nd. TD Cowen downgraded shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Jefferies Financial Group started coverage on shares of Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price for the company. Needham & Company LLC reduced their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Finally, Wedbush increased their target price on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $31.70.
Get Our Latest Report on Rigetti Computing
Rigetti Computing Trading Up 5.0%
The company’s fifty day moving average is $16.28 and its 200 day moving average is $25.56. The company has a market capitalization of $4.83 billion, a P/E ratio of -21.37 and a beta of 1.82.
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last released its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.87 million during the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. Equities research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.
Insider Activity at Rigetti Computing
In related news, CTO David Rivas sold 36,719 shares of the firm’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 $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. This trade represents a 5.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’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 $74,810.40. Following the completion of the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by company insiders.
Institutional Trading of Rigetti Computing
Several institutional investors and hedge funds have recently bought and sold shares of RGTI. Heritage Wealth Advisors lifted 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 worth $26,000 after purchasing an additional 954 shares in the last quarter. Larson Financial Group LLC lifted 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 worth $27,000 after purchasing an additional 707 shares in the last quarter. EFG International AG purchased a new stake in Rigetti Computing in the 4th quarter worth approximately $28,000. Tsfg LLC lifted its stake in Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Rigetti Computing by 180.3% in 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 in the last quarter. 35.38% of the stock is currently 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.