Rigetti Computing (NASDAQ:RGTI) Trading Down 7% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 7% during trading on Tuesday . The stock traded as low as $21.25 and last traded at $21.1080. 9,900,060 shares were traded during mid-day trading, a decline of 72% from the average session volume of 35,837,898 shares. The stock had previously closed at $22.70.

Analyst Ratings Changes

Several research firms have commented on RGTI. Benchmark dropped their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Northland Securities began coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Finally, Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Price Performance

The business’s 50 day moving average is $19.53 and its 200 day moving average is $20.16. The stock has a market cap of $7.04 billion, a price-to-earnings ratio of -24.37 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. The company’s revenue was up 198.9% compared to the same quarter last year. As a group, analysts forecast that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer owned 325,945 shares in the company, valued at $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ray O. Johnson sold 122,188 shares of the company’s stock in a transaction 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 completion of the transaction, the director owned 171,273 shares of the company’s stock, valued at $3,648,114.90. This represents a 41.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 643,957 shares of company stock worth $15,800,744 over the last 90 days. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently modified their holdings of RGTI. Heritage Wealth Advisors increased its holdings in shares of Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after acquiring an additional 954 shares during the period. Larson Financial Group LLC boosted its stake in shares of Rigetti Computing by 138.4% during the fourth 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. PeakShares LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth about $28,000. EFG International AG acquired a new stake in shares of Rigetti Computing during the fourth quarter worth 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 worth $29,000 after buying an additional 1,000 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

About Rigetti Computing

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.