Rigetti Computing (NASDAQ:RGTI) Shares Down 4.8% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded down 4.8% during trading on Thursday . The stock traded as low as $14.24 and last traded at $14.41. 20,625,295 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 29,995,150 shares. The stock had previously closed at $15.14.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RGTI. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Wedbush boosted their price target on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Needham & Company LLC reduced their price target on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Finally, Benchmark lowered their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Eight investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.70.

Rigetti Computing Stock Performance

The stock has a market capitalization of $4.42 billion, a P/E ratio of -19.59 and a beta of 1.71. The company’s 50-day moving average price is $17.68 and its 200 day moving average price is $25.80.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.87 million during the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. Rigetti Computing’s revenue for the quarter was down 17.9% on a year-over-year basis. Analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the sale, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. The trade was a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in RGTI. Spear Advisors LLC bought a new position in Rigetti Computing during the 4th quarter worth about $2,062,000. Tempo Wealth LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $617,000. Corient Private Wealth LLC lifted its position in shares of Rigetti Computing by 312.1% in the 4th quarter. Corient Private Wealth LLC now owns 61,759 shares of the company’s stock worth $1,368,000 after purchasing an additional 46,774 shares during the period. Vident Advisory LLC boosted its stake in shares of Rigetti Computing by 2.8% during the fourth quarter. Vident Advisory LLC now owns 44,611 shares of the company’s stock valued at $988,000 after purchasing an additional 1,218 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new position in Rigetti Computing during the fourth quarter valued at approximately $23,459,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.