Rigetti Computing (NASDAQ:RGTI) Trading Down 4.2% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 4.2% on Tuesday . The stock traded as low as $24.31 and last traded at $24.47. 27,520,522 shares were traded during trading, a decline of 15% from the average session volume of 32,453,621 shares. The stock had previously closed at $25.53.

Analyst Ratings Changes

A number of equities research analysts have weighed in on RGTI shares. B. Riley cut their price target on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, November 12th. Mizuho started coverage on shares of Rigetti Computing in a report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 target price on the stock. Wedbush began coverage on shares of Rigetti Computing in a report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 target price for the company. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Finally, Benchmark cut their price objective on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.22.

Rigetti Computing Stock Down 4.2%

The business’s 50 day simple moving average is $26.12 and its 200 day simple moving average is $24.70. The company has a market capitalization of $8.08 billion, a PE ratio of -18.82 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. The business had revenue of $1.95 million for the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The firm’s revenue for the quarter was down 18.1% on a year-over-year basis. On average, analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction on Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the sale, the director directly owned 120,371 shares of the company’s stock, valued at $5,403,454.19. The trade was a 34.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its position in Rigetti Computing by 106.2% during the first quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after buying an additional 113,644 shares during the period. AQR Capital Management LLC grew its stake in Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after acquiring an additional 47,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Rigetti Computing by 25.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after purchasing an additional 22,770 shares during the period. NewEdge Advisors LLC lifted its position in shares of Rigetti Computing by 197.8% in the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after purchasing an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth approximately $3,115,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.