Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.3% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded down 5.3% on Wednesday . The stock traded as low as $14.91 and last traded at $15.25. Approximately 22,239,919 shares were traded during mid-day trading, a decline of 36% from the average session volume of 34,779,543 shares. The stock had previously closed at $16.11.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RGTI shares. Benchmark cut their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Mizuho decreased their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Finally, Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.00.

Rigetti Computing Trading Down 2.0%

The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of -15.61 and a beta of 1.95. The stock has a fifty day moving average price of $20.18 and a 200-day moving average price of $19.02.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. During the same quarter in the previous year, the firm earned ($0.05) EPS. Rigetti Computing’s quarterly revenue was up 198.9% on a year-over-year basis. On average, equities analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Activity

In related news, Director Ray O. Johnson sold 122,188 shares of Rigetti Computing stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the transaction, the director owned 171,273 shares of the company’s stock, valued at $3,648,114.90. This trade represents a 41.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the transaction, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This trade represents a 2.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 728,901 shares of company stock valued at $17,546,343 in the last 90 days. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of the business. Kestra Private Wealth Services LLC boosted its holdings in shares of Rigetti Computing by 1.4% in the fourth quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock valued at $831,000 after buying an additional 535 shares during the period. Global Retirement Partners LLC raised its position in Rigetti Computing by 10.2% in the 4th quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock valued at $147,000 after buying an additional 615 shares during the last quarter. Comerica Bank lifted its stake in Rigetti Computing by 2.1% in the 3rd quarter. Comerica Bank now owns 31,901 shares of the company’s stock valued at $950,000 after acquiring an additional 653 shares in the last quarter. Main Management ETF Advisors LLC lifted its stake in Rigetti Computing by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 64,206 shares of the company’s stock valued at $1,422,000 after acquiring an additional 656 shares in the last quarter. Finally, Larson Financial Group LLC boosted its position 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 acquiring an additional 707 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.