Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.6% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 1.6% on Monday . The stock traded as low as $17.49 and last traded at $17.65. 17,992,107 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 33,258,727 shares. The stock had previously closed at $17.94.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday. Northland Securities assumed coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price on the stock. Mizuho lowered their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Needham & Company LLC reissued a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Finally, Weiss Ratings upgraded shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.67.

Rigetti Computing Stock Performance

The stock has a market cap of $6.11 billion, a P/E ratio of -20.42 and a beta of 1.99. The stock has a 50-day moving average price of $17.94 and a 200-day moving average price of $17.92.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $5.14 million for the quarter, compared to analysts’ expectations of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.82%. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. The trade was a 60.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was 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 owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This trade represents a 2.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 728,901 shares of company stock valued at $17,546,343 in the last quarter. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in RGTI. Heritage Wealth Advisors increased its position in shares of Rigetti Computing by 454.3% during the 4th 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 last quarter. Larson Financial Group LLC lifted its holdings in shares of Rigetti Computing by 138.4% in 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. PeakShares LLC purchased a new stake in Rigetti Computing during the first quarter valued at about $28,000. EFG International AG purchased a new stake in Rigetti Computing during the 4th quarter valued at about $28,000. Finally, Tsfg LLC boosted its stake in shares of Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares during the period. Institutional investors 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.