Rigetti Computing (NASDAQ:RGTI) Stock Falls 4.6% After Earnings Miss

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 4.6% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $11.55 and last traded at $11.5880. 12,189,116 shares were traded during trading, a decline of 56% from the average daily volume of 27,974,863 shares. The stock had previously closed at $12.15.

The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $1.41 million for the quarter, compared to analysts’ expectations of $3.51 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The business’s quarterly revenue was down 27.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.03) EPS.

More Rigetti Computing News

Here’s some of the latest news about RGTI:

• Positive Sentiment: Rigetti reported 99.5% median two-qubit fidelity on its 108-qubit system, a technical milestone supporting its chiplet-based architecture. Rigetti Computing Reports Third Quarter 2026 Financial Results
• Negative Sentiment: Q3 revenue was $1.41 million, well below analyst expectations of roughly $3.5 million and down 27.5% year over year. The reported loss per share of $0.06 also missed the $0.05 consensus estimate, weighing on investor sentiment. Rigetti Reports Q3 Loss, Misses Revenue Estimates
• Negative Sentiment: Management expects elevated capital spending to persist through 2027, raising concerns about cash use as the company invests ahead of meaningful commercial revenue. The CEO also indicated commercialization may still be about three years away. Coverage of spending outlook and after-hours reaction

Analysts Set New Price Targets

Several research analysts have issued reports on the company. B. Riley Financial dropped their target price on Rigetti Computing from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Monday. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Zacks Research raised shares of Rigetti Computing from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Benchmark began coverage on shares of Rigetti Computing in a report on Monday, July 27th. They issued a “buy” rating and a $25.00 price target for the company. Finally, Needham & Company LLC reduced their price target on shares of Rigetti Computing from $31.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday. Six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $26.00.

Insider Buying and Selling

In other news, CFO Jeffrey Bertelsen sold 25,000 shares of Rigetti Computing stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the chief financial officer directly owned 168,067 shares in the company, valued at approximately $2,521,005. This trade represents a 12.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Andrew Bestwick sold 5,791 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the transaction, the chief technology officer directly owned 1,036,121 shares in the company, valued at approximately $17,417,194.01. The trade was a 0.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 163,689 shares of company stock worth $2,570,890 over the last quarter. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RGTI. Wealth Management Partners LLC lifted its holdings in shares of Rigetti Computing by 1.7% during the third quarter. Wealth Management Partners LLC now owns 52,598 shares of the company’s stock worth $828,000 after purchasing an additional 869 shares during the period. Arizona State Retirement System boosted its position in Rigetti Computing by 1.1% in the second quarter. Arizona State Retirement System now owns 91,650 shares of the company’s stock valued at $1,771,000 after buying an additional 1,000 shares during the last quarter. Allworth Financial LP increased its holdings in Rigetti Computing by 10.1% in the 3rd quarter. Allworth Financial LP now owns 10,998 shares of the company’s stock worth $173,000 after buying an additional 1,011 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Rigetti Computing by 31.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock worth $65,000 after buying an additional 1,121 shares during the period. Finally, Prime Capital Investment Advisors LLC raised its position in Rigetti Computing by 10.7% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 11,654 shares of the company’s stock worth $183,000 after buying an additional 1,128 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Trading Down 4.7%

The company has a market capitalization of $3.86 billion, a PE ratio of -12.89 and a beta of 2.15. The business’s 50-day simple moving average is $13.84 and its 200-day simple moving average is $16.78.

About Rigetti Computing

Rigetti Computing develops superconducting quantum computers and related software. Its work spans the design and manufacture of quantum processors, as well as systems that connect quantum processors with conventional computing infrastructure. The company offers access to its quantum computers and development tools through its Quantum Cloud Services platform. It also provides quantum hardware for on-premises use, serving customers and research organizations exploring quantum applications. Founded in 2013 by physicist Chad Rigetti, the company is based in Berkeley, California.