Rigetti Computing (NASDAQ:RGTI) Shares Down 5.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 5.9% on Wednesday . The company traded as low as $15.93 and last traded at $15.94. 15,032,555 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 32,079,732 shares. The stock had previously closed at $16.94.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Zacks Research lowered shares of Rigetti Computing from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Wedbush began coverage on Rigetti Computing in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price target on the stock. Benchmark initiated coverage on Rigetti Computing in a research note on Monday, July 27th. They issued a “buy” rating and a $25.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $30.67.

Rigetti Computing Price Performance

The company has a fifty day simple moving average of $16.99 and a 200-day simple moving average of $17.71. The company has a market cap of $5.49 billion, a P/E ratio of -18.27 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $5.14 million during the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. On average, analysts anticipate that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,860 shares of the firm’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.89, for a total value of $65,195.40. Following the completion of the transaction, the chief financial officer directly owned 168,067 shares in the company, valued at $2,838,651.63. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 84,944 shares of Rigetti Computing stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the completion of the transaction, the director directly owned 95,537 shares in the company, valued at approximately $1,963,285.35. This trade represents a 47.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 225,821 shares of company stock worth $4,662,494 in the last quarter. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Heritage Wealth Advisors boosted its position in Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares during the period. Larson Financial Group LLC lifted its position 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 purchasing an additional 707 shares in the last quarter. PeakShares LLC purchased a new stake in shares of Rigetti Computing in the first quarter worth approximately $28,000. EFG International AG acquired a new stake in shares of Rigetti Computing during the fourth quarter worth approximately $28,000. Finally, Tsfg LLC boosted its holdings in shares of Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 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.