Rigetti Computing (NASDAQ:RGTI) Trading Down 12.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded down 12.9% during trading on Thursday . The company traded as low as $14.83 and last traded at $14.98. 35,459,895 shares changed hands during trading, an increase of 7% from the average session volume of 33,037,188 shares. The stock had previously closed at $17.19.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Royal Bank Of Canada cut Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Williams Trading set a $40.00 target price on Rigetti Computing in a research report on Tuesday, November 11th. Jefferies Financial Group began coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They set a “hold” rating and a $30.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Finally, Mizuho initiated coverage on shares of Rigetti Computing in a research note on Thursday, December 11th. They set an “outperform” rating and a $50.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Rigetti Computing currently has an average rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Stock Down 12.9%

The stock has a 50-day moving average price of $24.04 and a 200 day moving average price of $25.68. The firm has a market capitalization of $4.94 billion, a price-to-earnings ratio of -11.52 and a beta of 1.69.

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

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. raised its stake in Rigetti Computing by 119.2% during the 2nd quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock valued at $3,087,000 after acquiring an additional 141,541 shares during the last quarter. Atria Wealth Solutions Inc. acquired a new position in shares of Rigetti Computing in the second quarter valued at approximately $392,000. Cavalier Investments LLC acquired a new position in shares of Rigetti Computing in the second quarter valued at approximately $589,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Rigetti Computing during the second quarter worth approximately $217,000. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Rigetti Computing by 24.2% during the second quarter. Teacher Retirement System of Texas now owns 43,260 shares of the company’s stock worth $513,000 after purchasing an additional 8,419 shares during the period. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.