Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.2% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 3.2% during mid-day trading on Monday . The stock traded as low as $12.53 and last traded at $12.90. 26,342,909 shares were traded during mid-day trading, a decline of 12% from the average session volume of 29,779,873 shares. The stock had previously closed at $13.32.

Analyst Ratings Changes

A number of analysts have recently issued reports on RGTI shares. Wedbush lifted their price target on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Benchmark reduced their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Thursday, January 22nd. Finally, Mizuho dropped their price objective on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.70.

Rigetti Computing Stock Down 3.2%

The company’s 50-day moving average is $17.68 and its 200-day moving average is $25.93. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of -18.97 and a beta of 1.72.

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

Insider Activity

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO David Rivas sold 36,719 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were 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. The trade was a 5.33% decrease in their position. The SEC filing for this sale provides additional information.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Heritage Wealth Advisors boosted its stake in shares of Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares during the period. Larson Financial Group LLC increased its stake in Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 shares during the period. EFG International AG acquired a new stake in Rigetti Computing during the 4th quarter worth approximately $28,000. Tsfg LLC boosted its position in Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Rigetti Computing by 180.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after buying an additional 858 shares during the period. 35.38% of the stock is currently 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.