Rigetti Computing, Inc. (NASDAQ: RGTI) experienced a significant price movement on Friday, closing at $10.31 after previously settling at $8.75. The quantum computing company saw an unusually high trading volume of 37,459,387 shares during mid-day trading. While this marked a 17% decline from the previous session’s 45,168,742 shares, the stock continues to attract investor interest as it hovers around its recent highs.
Analysts See Strong Upside for RGTI
Wall Street analysts remain bullish on Rigetti Computing’s potential, reaffirming their buy ratings and raising price targets. According to recent research notes:
- Alliance Global Partners maintained a “buy” rating.
- Needham & Company LLC reiterated a “buy” rating with a price target of $17.00.
- B. Riley raised their price target from $8.50 to $15.00, also issuing a “buy” rating.
- Benchmark reiterated a “buy” rating, assigning a $14.00 price target.
- Craig Hallum initiated coverage with a “buy” rating and a $12.00 price target.
With an average price target of $14.50, analysts expect significant upside from the current levels.
Financial Performance and Key Metrics
Rigetti Computing’s latest earnings report, released on March 5, 2025, provided insight into its financial position:
- Earnings Per Share (EPS): -$0.08, meeting analysts’ expectations.
- Revenue: $2.27 million, slightly missing the estimated $2.40 million.
- Net Margin: -509.58%.
- Return on Equity (ROE): -51.56%.
Despite its losses, Rigetti’s cutting-edge quantum computing technology continues to draw investor confidence, reflected in its market capitalization of $2.16 billion.
Technical Indicators and Institutional Activity
The stock’s momentum is supported by key technical indicators:
- 50-Day Moving Average: $11.11.
- 200-Day Moving Average: $6.16.
- Beta: 1.37 (indicating moderate volatility).
- Quick Ratio & Current Ratio: 4.84 (showing strong liquidity).
- Debt-to-Equity Ratio: 0.02 (highlighting a minimal debt burden).
Institutional investors are also increasing their exposure to Rigetti:
- Vanguard Group Inc. boosted its holdings by 81.7% in Q4, now owning 11,746,361 shares valued at $179.2 million.
- Invesco Ltd. surged its stake by 7,367.2%, acquiring 4,580,317 shares worth $69.9 million.
- Geode Capital Management LLC and State Street Corp. also increased their positions.
Insider Selling Activity
Notably, CTO David Rivas recently sold 351,785 shares at an average price of $7.76, totaling $2.73 million. This transaction reduced his stake in the company by 24.32%, bringing his total ownership to 1,094,738 shares valued at approximately $8.5 million.
Investor Sentiment Remains High
Despite short-term fluctuations, Rigetti Computing remains a key player in the quantum computing sector. With strong analyst ratings, increasing institutional investment, and growing industry demand, the stock continues to capture attention from both retail and institutional investors alike.
