Rigetti Computing (NASDAQ:RGTI) Trading Down 2.5% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 2.5% during trading on Thursday . The stock traded as low as $14.67 and last traded at $14.85. 18,479,526 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 34,244,516 shares. The stock had previously closed at $15.23.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RGTI. Weiss Ratings upgraded shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. Mizuho lowered their price target on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Monday. Northland Securities started coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price on the stock. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, June 11th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.00.

Rigetti Computing Price Performance

The stock has a market cap of $4.94 billion, a PE ratio of -17.07 and a beta of 1.95. The business has a 50 day moving average price of $19.82 and a two-hundred day moving average price of $18.81.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The company’s revenue was up 198.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS. On average, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the stock in a transaction that occurred 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 transaction, the chief technology officer directly owned 325,945 shares in the company, valued at approximately $8,279,003. This trade represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ray O. Johnson sold 122,188 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the transaction, the director owned 171,273 shares of the company’s stock, valued at approximately $3,648,114.90. This trade represents a 41.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 728,901 shares of company stock worth $17,546,343 in the last ninety days. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently modified their holdings of RGTI. Royal Bank of Canada increased its holdings in Rigetti Computing by 106.2% in the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after buying an additional 113,644 shares during the period. AQR Capital Management LLC grew its holdings in shares of Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock worth $642,000 after purchasing an additional 47,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Rigetti Computing by 25.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after purchasing an additional 22,770 shares during the period. NewEdge Advisors LLC increased its holdings in Rigetti Computing by 197.8% in the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after buying an additional 16,998 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in shares of Rigetti Computing in the first quarter valued at about $3,115,000. 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.