Rigetti Computing (NASDAQ:RGTI) Trading Down 5.1% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 5.1% during mid-day trading on Tuesday . The stock traded as low as $17.52 and last traded at $17.71. Approximately 13,654,289 shares were traded during trading, a decline of 58% from the average daily volume of 32,570,262 shares. The stock had previously closed at $18.67.

Analyst Ratings Changes

RGTI has been the topic of a number of analyst reports. 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 on the stock. Weiss Ratings cut shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Mizuho cut their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a report on Tuesday, May 12th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.67.

Rigetti Computing Stock Performance

The stock has a 50 day moving average price of $17.62 and a 200 day moving average price of $17.79. The company has a market cap of $5.91 billion, a P/E ratio of -19.68 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The company had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO David Rivas sold 499,328 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the sale, 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ray O. Johnson sold 84,944 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $20.55, for a total value of $1,745,599.20. Following the sale, the director owned 95,537 shares of the company’s stock, valued at $1,963,285.35. This trade represents a 47.07% 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. Over the last ninety days, insiders sold 728,901 shares of company stock worth $17,546,343. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its holdings in shares of Rigetti Computing by 106.2% during the first quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after purchasing an additional 113,644 shares during the last quarter. AQR Capital Management LLC raised its holdings in Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock worth $642,000 after buying an additional 47,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Rigetti Computing by 25.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after buying an additional 22,770 shares during the period. NewEdge Advisors LLC lifted its stake in Rigetti Computing by 197.8% during the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after buying an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in Rigetti Computing during the first quarter valued at about $3,115,000. 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.