Rigetti Computing (NASDAQ:RGTI) Shares Down 1.2% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 1.2% during mid-day trading on Wednesday . The company traded as low as $21.93 and last traded at $22.15. Approximately 23,055,970 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 69,407,094 shares. The stock had previously closed at $22.41.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of research analyst reports. B. Riley cut their target price on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Jefferies Financial Group assumed coverage on Rigetti Computing in a research note on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price on the stock. Wedbush initiated coverage on shares of Rigetti Computing in a report on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price target on the stock. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Finally, Williams Trading set a $40.00 price objective 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $31.22.

Rigetti Computing Stock Down 1.2%

The firm has a 50-day simple moving average of $28.89 and a 200-day simple moving average of $23.88. The stock has a market cap of $7.31 billion, a PE ratio of -17.04 and a beta of 1.68.

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

Insider Activity

In other news, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the completion of the transaction, the director directly owned 120,371 shares in the company, valued at approximately $5,403,454.19. This trade represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in RGTI. Rothschild Investment LLC raised its holdings in Rigetti Computing by 26.1% during the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after buying an additional 345 shares during the last quarter. Trust Co. of Toledo NA OH boosted its position in Rigetti Computing by 1.7% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock valued at $631,000 after acquiring an additional 357 shares in the last quarter. Prospera Financial Services Inc grew its holdings in shares of Rigetti Computing by 1.0% during the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after acquiring an additional 419 shares during the period. MAI Capital Management raised its position in shares of Rigetti Computing by 17.7% in the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after acquiring an additional 566 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Rigetti Computing by 25.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock valued at $86,000 after purchasing an additional 587 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.