Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.3% – What’s Next?

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

Wall Street Analyst Weigh In

RGTI has been the topic of several analyst reports. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, June 11th. Northland Securities began coverage on shares of Rigetti Computing in a report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective for the company. Benchmark lowered their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Needham & Company LLC reiterated a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Finally, Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a report on Sunday. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Rigetti Computing currently has a consensus rating of “Moderate Buy” and an average price target of $30.60.

Rigetti Computing Trading Down 5.3%

The firm has a market cap of $5.07 billion, a P/E ratio of -17.53 and a beta of 1.95. The company’s 50 day simple moving average is $20.36 and its 200-day simple moving average is $19.15.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $4.09 million. During the same quarter last year, the firm posted ($0.05) EPS. The business’s quarterly revenue was up 198.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction that occurred 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 sale, the chief technology officer 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 document filed with the SEC, which is accessible through this hyperlink. 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 sale, the chief financial officer owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. This 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 a total of 728,901 shares of company stock worth $17,546,343 over the last quarter. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently modified their holdings of the company. Clear Street Group Inc. increased its holdings in Rigetti Computing by 71.1% during the fourth quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock valued at $60,761,000 after buying an additional 1,140,183 shares during the last quarter. Intech Investment Management LLC raised its position in Rigetti Computing by 66.3% in the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock worth $2,664,000 after acquiring an additional 47,935 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Rigetti Computing by 105.3% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock worth $1,733,000 after acquiring an additional 63,331 shares during the last quarter. Spear Advisors LLC purchased a new position in shares of Rigetti Computing during the 4th quarter worth $2,062,000. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Rigetti Computing during the 4th quarter valued at $4,937,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.