Rigetti Computing (NASDAQ:RGTI) Stock Price Down 6.6% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 6.6% during mid-day trading on Tuesday . The stock traded as low as $24.91 and last traded at $25.11. 34,284,302 shares were traded during mid-day trading, a decline of 51% from the average session volume of 70,284,508 shares. The stock had previously closed at $26.88.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RGTI shares. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday. Benchmark decreased their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Mizuho began coverage on Rigetti Computing in a research report on Thursday, December 11th. They set an “outperform” rating and a $50.00 price objective on the stock. Finally, B. Riley reduced their price objective on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, November 12th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.22.

Rigetti Computing Stock Down 2.3%

The company has a fifty day simple moving average of $30.61 and a 200-day simple moving average of $23.48. The firm has a market cap of $8.10 billion, a P/E ratio of -18.87 and a beta of 1.68.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The firm’s revenue was down 18.1% on a year-over-year basis. As a group, research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the transaction, the director owned 120,371 shares in the company, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RGTI. Rothschild Investment LLC grew its holdings in shares of Rigetti Computing by 26.1% in the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after purchasing an additional 345 shares in the last quarter. Trust Co. of Toledo NA OH lifted its position in Rigetti Computing by 1.7% during the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock valued at $631,000 after purchasing an additional 357 shares during the last quarter. Prospera Financial Services Inc grew its stake in shares of Rigetti Computing by 1.0% in the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after buying an additional 419 shares in the last quarter. MAI Capital Management increased its holdings in shares of Rigetti Computing by 17.7% in the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after buying an additional 566 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Rigetti Computing by 25.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock valued at $86,000 after buying an additional 587 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

About Rigetti Computing

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.