Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.1% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 2.1% during mid-day trading on Friday . The company traded as low as $24.71 and last traded at $24.72. Approximately 36,523,602 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 34,391,141 shares. The stock had previously closed at $25.25.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Wedbush started coverage on Rigetti Computing in a report on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price objective on the stock. B. Riley reduced their price objective on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, November 12th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.22.

Rigetti Computing Stock Performance

The firm’s 50 day moving average is $26.79 and its 200-day moving average is $24.32. The stock has a market capitalization of $8.16 billion, a price-to-earnings ratio of -19.02 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The company had revenue of $1.95 million during the quarter, compared to analysts’ expectations of $2.17 million. The company’s revenue was down 18.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In other news, Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the completion of the sale, the director directly owned 120,371 shares in the company, valued at $5,403,454.19. The trade was a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. increased its stake in Rigetti Computing by 119.2% during the 2nd quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock worth $3,087,000 after buying an additional 141,541 shares in the last quarter. Atria Wealth Solutions Inc. acquired a new stake in shares of Rigetti Computing in the second quarter worth approximately $392,000. Avior Wealth Management LLC purchased a new stake in shares of Rigetti Computing during the second quarter worth approximately $121,000. Cavalier Investments LLC purchased a new stake in shares of Rigetti Computing during the second quarter worth approximately $589,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Rigetti Computing in the 2nd quarter valued at $217,000. Hedge funds and other 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.