New York, June 11, 2026, 12:57 (EDT)
- Rigetti Computing shares gained around 1.9% to $19.82 in midday action, trading on volume of more than 22 million shares.
- Rosenblatt has kept its Buy on RGTI with a $40 target, Benzinga and MarketBeat reported.
- SEC filings showed a director sold stock through a Rule 10b5-1 plan. Investors are still considering Rigetti’s 108-qubit system rollout and possible funding from the CHIPS Act.
Rigetti Computing, Inc. stock ticked up Thursday, after new analyst backing seemed to calm some of the recent swings in the quantum-computing stock. RGTI last traded at $19.82, a 1.9% gain from Wednesday’s close. Shares changed hands between $19.17 and $20.44 earlier in the day. The company’s market cap was about $6.65 billion on the latest quote.
Rosenblatt stuck with its Buy rating and $40 price target on Rigetti, triggering the move. Benzinga’s analyst-ratings page showed Rosenblatt’s June 11 call as the most recent update on the stock. The consensus price target among 11 analysts sat at $25.14, with Rosenblatt’s $40 at the top end. MarketBeat said Thursday that Rosenblatt reiterated both its Buy rating and $40 target.
Analyst support landed while traders looked over fresh insider sale filings. A June 10 Form 4 showed director Ray O. Johnson sold 116,217 shares on June 8 for a weighted-average price of $21.2782, and another 5,971 shares at $21.764. The filing noted these trades came under a Rule 10b5-1 plan adopted March 12, 2025, and changed March 9, 2026.
A Form 144 filed June 8 shows a proposed sale of 122,188 common shares for about $2.6 million on Nasdaq, with Piper Sandler as broker. The notice is required under Rule 144 and signals a potential sale, but it isn’t a company operating update by itself.
Rigetti filed an 8-K on June 11 with results from its 2026 annual meeting. Stockholders picked CEO Subodh Kulkarni as a Class I director, so he’ll serve through the 2029 meeting. They also ratified BDO USA, P.C. as Rigetti’s independent auditor for fiscal 2026.
The bigger bull case for Rigetti still leans on federal funding and hardware progress. In May, Rigetti said it signed a letter of intent with the U.S. Department of Commerce for as much as $100 million over three years from the CHIPS Act, aimed at speeding up superconducting quantum-computing R&D. The letter includes a possible equity stake for the department, depending on the total funding. Final agreements aren’t done yet.
“This investment will allow us to tackle key scaling bottlenecks more rapidly and get us closer to utility-scale quantum computing,” Kulkarni said in Rigetti’s May 21 announcement. The company’s own filing also flagged that the deal is still contingent on definitive agreements and pointed to risks, including potential dilution from securities sold to the Commerce Department.
Rigetti’s Cepheus-1-108Q system is another key focus. The company rolled out its 108-qubit quantum computer in April, opening access to users via Rigetti Quantum Cloud Services and Amazon Braket. Rigetti called it their largest system so far, saying it’s operating at 99.1% median two-qubit gate fidelity and about 60-nanosecond gate speed.
Rigetti’s first-quarter numbers show why the stock remains in high-volatility territory. The company posted revenue of $4.4 million, an operating loss of $26.0 million, GAAP net income at $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.
RGTI was below its 52-week high of $58.15 at midday Thursday, but hovered near some technical marks. MarketBeat listed the 50-day moving average at $19.08 and the 200-day at $20.25, which put the stock close to the $20 level watched by momentum players.
