Rigetti Computing (NASDAQ:RGTI) Shares Down 8.9% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 8.9% on Wednesday . The stock traded as low as $19.02 and last traded at $19.3880. Approximately 34,560,011 shares were traded during trading, a decline of 4% from the average session volume of 36,070,023 shares. The stock had previously closed at $21.28.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RGTI shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, June 11th. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Mizuho lowered their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Stock Performance

The company has a market capitalization of $6.07 billion, a price-to-earnings ratio of -21.01 and a beta of 1.88. The company has a 50-day moving average price of $20.46 and a 200-day moving average price of $19.85.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share 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 business had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same period last year, the company posted ($0.05) EPS. Rigetti Computing’s revenue for the quarter was up 198.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction 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 transaction, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. The trade was a 60.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’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 completion of 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 position. 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. Over the last three months, insiders have sold 728,901 shares of company stock worth $17,546,343. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kestra Private Wealth Services LLC increased its holdings in shares of Rigetti Computing by 1.4% in the fourth quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after acquiring an additional 535 shares in the last quarter. MAI Capital Management lifted its holdings in shares of Rigetti Computing by 17.7% during the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after purchasing an additional 566 shares in the last quarter. Global Retirement Partners LLC grew its position in shares of Rigetti Computing by 10.2% in the 4th 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. Huntington National Bank grew its position in shares of Rigetti Computing by 60.6% in the 3rd quarter. Huntington National Bank now owns 1,688 shares of the company’s stock valued at $50,000 after purchasing an additional 637 shares during the period. Finally, Comerica Bank increased its stake in Rigetti Computing by 2.1% during the 3rd quarter. Comerica Bank now owns 31,901 shares of the company’s stock worth $950,000 after purchasing an additional 653 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

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.