Rigetti Computing Inc. saw its stock price rise approximately 1.9% to $19.82 during midday trading on Thursday, as a reaffirmed analyst recommendation helped stabilize recent volatility in the quantum computing company's shares. Trading volume exceeded 22 million shares, with the stock fluctuating between $19.17 and $20.44 earlier in the session. The company's market capitalization stood at roughly $6.65 billion.
Rosenblatt Securities reiterated its Buy rating and $40 price target on Rigetti, a move that appeared to lift investor sentiment. According to Benzinga and MarketBeat, the analyst's June 11 call represents the most recent update on the stock. Among 11 analysts covering Rigetti, the consensus price target is $25.14, with Rosenblatt's $40 representing the highest estimate.
While analyst support provided a positive catalyst, market participants also evaluated recent insider activity. A June 10 SEC Form 4 filing revealed that director Ray O. Johnson sold 116,217 shares on June 8 at a weighted-average price of $21.2782, along with an additional 5,971 shares at $21.764. The trades were executed under a Rule 10b5-1 plan adopted on March 12, 2025, and modified on March 9, 2026. A separate Form 144 filed on June 8 indicated a proposed sale of 122,188 common shares valued at approximately $2.6 million, with Piper Sandler acting as broker.
On the corporate governance front, Rigetti filed an 8-K on June 11 detailing results from its 2026 annual meeting. Stockholders elected CEO Subodh Kulkarni as a Class I director, a role that will extend through the 2029 meeting, and ratified BDO USA, P.C. as the company's independent auditor for fiscal 2026.
The broader bullish thesis for Rigetti hinges on federal funding and hardware advancements. In May, the company announced it had signed a letter of intent with the U.S. Department of Commerce for up to $100 million over three years under the CHIPS Act, aimed at accelerating superconducting quantum computing research and development. The letter includes a potential equity stake for the department, contingent on the final funding amount. However, definitive agreements have yet to be finalized.
"This investment will allow us to tackle key scaling bottlenecks more rapidly and get us closer to utility-scale quantum computing," Kulkarni stated in Rigetti's May 21 announcement. The company's own filing cautioned that the deal remains subject to definitive agreements and highlighted risks, including potential dilution from securities issued to the Commerce Department.
Another focal point for investors is Rigetti's Cepheus-1-108Q system, a 108-qubit quantum computer launched in April. The system is accessible via Rigetti Quantum Cloud Services and Amazon Braket. Rigetti described it as its largest system to date, operating with a median two-qubit gate fidelity of 99.1% and a gate speed of approximately 60 nanoseconds.
Rigetti's first-quarter financial results underscore the high-volatility nature of the stock. The company reported revenue of $4.4 million, an operating loss of $26.0 million, GAAP net income of $33.1 million, and a non-GAAP net loss of $14.7 million. As of March 31, cash, cash equivalents, and available-for-sale investments totaled $569.0 million.
From a technical perspective, RGTI remained well below its 52-week high of $58.15 at midday Thursday, but hovered near key moving averages. MarketBeat listed the 50-day moving average at $19.08 and the 200-day moving average at $20.25, placing the stock close to the $20 level that momentum traders often monitor.
