TLDR
- Rigetti Computing (RGTI) stock jumped 18.6% to $35.40 on Thursday, hitting an intraday record high of $35.81
- The company secured purchase orders for two Novera quantum computing systems worth $5.7 million total
- Trading volume surged 107% above average with 144.8 million shares changing hands during the session
- Multiple analysts raised price targets, with B. Riley setting the highest at $35.00 and six analysts rating it a buy
- Other quantum computing stocks rallied too, with D-Wave up 12%, IonQ up 7.5%, and Quantum Computing up 6.2%
Rigetti Computing stock surged Thursday, climbing 18.6% to close at $35.40. The stock touched an intraday record of $35.81 during trading.
The rally marks the third consecutive day of gains for the quantum computing company. Trading volume exploded with 144.8 million shares changing hands, representing a 107% increase from the average session volume of 69.9 million shares.
The stock closed at $29.85 on Wednesday. The recent momentum started September 30 when Rigetti announced new purchase orders.
The company secured orders for two Novera quantum computing systems. The total value of both orders reaches $5.7 million.
One system is headed to an Asian technology manufacturing company. The other buyer is a California-based start-up focused on applied physics and artificial intelligence.
Rigetti expects to deliver both systems in the first half of 2026. The company did not disclose the specific names of the buyers.
Analyst Activity Heats Up
Wall Street analysts have been busy raising their price targets. B. Riley lifted its target from $19.00 to $35.00, giving the stock a buy rating on September 22.
Benchmark increased its price objective from $14.00 to $20.00 on August 13. Needham & Company raised its target from $15.00 to $18.00 on August 4.
Williams Trading set a $20.00 price target in mid-August. Alliance Global Partners maintained its buy rating in July.
Six analysts currently rate the stock as a buy. The average price target sits at $19.71 across all analysts.
Financial Metrics
The company carries a market cap of $11.48 billion. Its 50-day moving average stands at $18.81, while the 200-day moving average sits at $13.71.
Rigetti reported earnings on August 12. The company posted a loss of $0.05 per share, beating analyst estimates of $0.06 per share.
Revenue came in at $1.8 million for the quarter. Analysts had expected $1.87 million.
The company operates with a negative net margin of 2,134.92%. Its return on equity stands at negative 29.05%.
Analysts forecast Rigetti will post losses of $0.34 per share for the full year. The stock has a P/E ratio of negative 46.58 and a beta of 1.59.
Insider and Institutional Activity
Director Helene Gail Sandford sold 25,000 shares on September 12 at $18.54 per share. The transaction totaled $463,500 and reduced her stake by 11.11%.
Director Michael S. Clifton sold 75,000 shares the same day at $19.00 each. That sale brought in $1.43 million and cut his holdings by 10.29%.
Insiders sold 457,624 shares worth $8.5 million over the past three months. Corporate insiders own 1.90% of the company’s stock.
Institutional investors have been active too. GAMMA Investing LLC increased its stake by 25.6% in the third quarter, now holding 2,878 shares.
Osaic Holdings Inc. grew its position by 119.2% in the second quarter. The firm now owns 260,307 shares worth $3.09 million.
Marex Group plc took a new position worth $87.4 million in the second quarter. Hedge funds and institutional investors own 35.38% of the stock.
Quantum Sector Momentum
The excitement spread across the quantum computing sector Thursday. D-Wave Quantum stock rose 12% while IonQ gained 7.5%.
Quantum Computing stock added 6.2% during the session. The S&P 500 remained flat as these quantum names rallied.
Rigetti shares have climbed 124% year-to-date. Over the past 12 months, the stock has skyrocketed more than 4,470%.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
