Rigetti Computing (NASDAQ:RGTI) Stock Price Down 8.6% – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 8.6% during mid-day trading on Monday . The company traded as low as $16.31 and last traded at $16.37. Approximately 21,587,908 shares were traded during mid-day trading, a decline of 33% from the average session volume of 32,299,826 shares. The stock had previously closed at $17.91.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of analyst reports. Zacks Research cut shares of Rigetti Computing from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Mizuho reduced their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research report on Friday, August 7th. Wedbush assumed coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price target on the stock. Finally, Weiss Ratings lowered shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 11th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $30.67.

Rigetti Computing Price Performance

The stock has a market capitalization of $5.65 billion, a P/E ratio of -18.82 and a beta of 1.99. The stock’s fifty day moving average is $17.18 and its two-hundred day moving average is $17.71.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $5.14 million for the quarter, compared to analysts’ expectations of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. Analysts expect that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insider Buying and Selling

In related news, CTO Andrew Joseph Bestwick sold 5,791 shares of the stock in a transaction on Thursday, August 20th. The stock was 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 owned 1,036,121 shares in the company, valued at $17,417,194.01. This trade represents a 0.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO David Rivas sold 9,038 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.79, for a total value of $151,748.02. Following the completion of the transaction, the chief operating officer owned 316,907 shares of the company’s stock, valued at $5,320,868.53. This trade represents a 2.77% 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. In the last three months, insiders sold 725,149 shares of company stock valued at $17,345,425. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Heritage Wealth Advisors increased its stake in Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after buying an additional 954 shares during the period. Larson Financial Group LLC boosted its stake in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after buying an additional 707 shares during the period. PeakShares LLC acquired a new stake in shares of Rigetti Computing during the 1st quarter valued at $28,000. EFG International AG purchased a new position in shares of Rigetti Computing during the 4th quarter valued at $28,000. Finally, Tsfg LLC grew its holdings in shares of Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.