Rigetti Computing (RGTI) is scheduled to announce its first-quarter results on May 11. The quantum computing company’s shares have gained more than 32% in the past month but are still down 17.2% year-to-date as investors are cautious about risky plays amid macro uncertainty.
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Investors will focus on progress made by RGTI on its technology roadmap, contribution from the $5.7 million worth of orders for two 9-qubit Novera quantum computing systems, and cash burn as the company invests in its research and future growth. They will also pay attention to updates on the $8.4 million order from India’s Centre for Development of Advanced Computing to deliver a 108-qubit quantum computer.
Last month, Rigetti announced that its 108-qubit quantum computing system, Cepheus-1-108Q, can now be accessed via the Rigetti Quantum Cloud Services (QCS) Platform and through Amazon Braket, the quantum computing service offered by Amazon’s (AMZN) AWS (Amazon Web Services) unit. RGTI expects Cepheus‑1‑108Q to reach a median 99.5% two‑qubit gate fidelity later this year. Investors will look forward to any updates on this goal.
Meanwhile, Wall Street expects Rigetti to report a narrower loss per share of $0.04, compared to a loss per share of $0.08 in the prior-year quarter. Revenue is expected to come in at $4.09 million.
Rigetti’s Ownership Structure
Now, according to TipRanks’ Ownership Tool, public companies and individual investors own 66.25% of RGTI. They are followed by exchange-traded funds (ETFs), mutual funds, other institutional investors, and insiders at 17.05%, 14.46%, 1.66%, and 0.58%, respectively.
Looking closely at the top shareholders, Vanguard owns the highest stake in Rigetti at 9.87%, followed by Vanguard Index Funds with a 7.58% holding.
Among the top ETF holders, Vanguard Total Stock Market ETF (VTI) owns a 3.01% stake in RGTI, while iShares Russell 2000 ETF (IWM) holds 2.36%. Also, Vanguard Small-Cap ETF (VB) holds a 2.18% stake.
Moving to mutual funds, Vanguard Index Funds holds 7.58% of Rigetti. Meanwhile, Vanguard World Fund owns 1.59%.
Is RGTI a Good Stock to Buy?
Heading into Q1 earnings, Wall Street has a Moderate Buy consensus rating on Rigetti Computing stock based on eight Buys and three Holds. The average RGTI stock price target of $30.67 indicates about 67.2% upside potential.
