Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.8% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 3.8% during trading on Wednesday . The stock traded as low as $16.69 and last traded at $16.78. 18,998,025 shares changed hands during trading, a decline of 43% from the average daily volume of 33,434,930 shares. The stock had previously closed at $17.45.

Analysts Set New Price Targets

Several research firms recently weighed in on RGTI. 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. Northland Securities began coverage on Rigetti Computing in a research report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective on the stock. Wedbush assumed coverage on Rigetti Computing in a research note on Monday. They issued an “outperform” rating and a $40.00 target price for the company. Benchmark started coverage on Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus target price of $32.00.

Rigetti Computing Trading Down 3.8%

The firm’s 50 day moving average price is $18.80 and its 200-day moving average price is $18.18. The company has a market cap of $5.58 billion, a P/E ratio of -19.29 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share 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 business had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. Rigetti Computing’s revenue for the quarter was up 198.9% compared to the same quarter last year. Analysts predict that Rigetti Computing, Inc. will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, Director Ray O. Johnson sold 84,944 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total value of $1,745,599.20. Following the transaction, the director directly owned 95,537 shares in the company, valued at $1,963,285.35. This trade represents a 47.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of Rigetti Computing stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the sale, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at approximately $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. In the last 90 days, insiders sold 728,901 shares of company stock worth $17,546,343. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kestra Private Wealth Services LLC grew its position in shares of Rigetti Computing by 1.4% during the 4th quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after buying an additional 535 shares during the period. Global Retirement Partners LLC grew its holdings in Rigetti Computing by 10.2% during the fourth quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock valued at $147,000 after purchasing an additional 615 shares during the period. Comerica Bank grew its holdings in Rigetti Computing by 2.1% during the third quarter. Comerica Bank now owns 31,901 shares of the company’s stock valued at $950,000 after purchasing an additional 653 shares during the period. Main Management ETF Advisors LLC increased its stake in Rigetti Computing by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 64,206 shares of the company’s stock valued at $1,422,000 after purchasing an additional 656 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in 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 purchasing an additional 707 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.