Rigetti Computing (NASDAQ:RGTI) Stock Price Down 8.7% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 8.7% during trading on Friday . The company traded as low as $22.33 and last traded at $22.38. 28,050,431 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 69,919,023 shares. The stock had previously closed at $24.51.

Analyst Ratings Changes

RGTI has been the subject of several analyst reports. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a research note on Tuesday, November 11th. Wedbush initiated coverage on shares of Rigetti Computing in a research report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 price target on the stock. B. Riley lowered their price objective on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Benchmark reduced their target price on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Rigetti Computing presently has an average rating of “Moderate Buy” and an average target price of $31.22.

Rigetti Computing Trading Down 8.7%

The firm has a market capitalization of $7.39 billion, a price-to-earnings ratio of -17.22 and a beta of 1.68. The firm’s 50-day moving average is $30.14 and its 200 day moving average is $23.49.

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

Insider Activity at Rigetti Computing

In related news, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the sale, the director directly owned 120,371 shares in the company, valued at $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

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

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.