Rigetti Computing (NASDAQ:RGTI) Shares Down 10.3% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 10.3% during mid-day trading on Wednesday . The company traded as low as $23.78 and last traded at $24.10. Approximately 77,155,625 shares traded hands during mid-day trading, an increase of 117% from the average daily volume of 35,567,637 shares. The stock had previously closed at $26.88.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RGTI. TD Cowen downgraded shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Northland Securities started 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. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a report on Thursday, March 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday. Finally, Wall Street Zen upgraded 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 issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Stock Performance

The company has a market cap of $7.41 billion, a P/E ratio of -25.59 and a beta of 1.88. The stock has a 50-day moving average of $18.57 and a two-hundred day moving average of $20.37.

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

Insiders Place Their Bets

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the transaction, the chief financial officer directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction dated Friday, May 29th. The stock was 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 approximately $8,279,003. This represents a 60.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 562,758 shares of company stock worth $13,916,267. 1.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of the stock. Heritage Wealth Advisors boosted its holdings in shares of Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares during the period. Larson Financial Group LLC lifted its stake in shares of Rigetti Computing by 138.4% in 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 in the last quarter. PeakShares LLC bought a new position in Rigetti Computing during the first quarter valued at approximately $28,000. EFG International AG purchased a new position in shares of Rigetti Computing in the 4th quarter worth $28,000. Finally, Tsfg LLC grew its stake in shares of Rigetti Computing by 320.5% during the 4th 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. 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.