Rigetti Computing (NASDAQ:RGTI) Trading Down 7% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were down 7% on Tuesday . The stock traded as low as $21.25 and last traded at $21.1080. Approximately 9,900,060 shares traded hands during trading, a decline of 72% from the average daily volume of 35,837,898 shares. The stock had previously closed at $22.70.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on RGTI shares. Mizuho decreased 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. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Northland Securities started coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They set a “market perform” rating and a $20.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Stock Performance

The company has a market capitalization of $7.04 billion, a PE ratio of -24.37 and a beta of 1.88. The firm’s 50-day simple moving average is $19.53 and its 200 day simple moving average is $20.16.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. The company 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 business’s revenue was up 198.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.05) EPS. As a group, equities analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Activity

In other news, Director Ray O. Johnson sold 122,188 shares of Rigetti Computing stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the completion of the sale, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. This trade represents a 41.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the sale, the chief financial officer directly owned 171,927 shares in the company, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 643,957 shares of company stock worth $15,800,744. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC lifted its holdings in Rigetti Computing by 6.7% in the 1st quarter. NewEdge Advisors LLC now owns 65,694 shares of the company’s stock valued at $922,000 after purchasing an additional 4,149 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Rigetti Computing by 7.3% in the 1st quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock valued at $2,809,000 after purchasing an additional 13,666 shares in the last quarter. Encore Global Management LP purchased a new position in Rigetti Computing in the 1st quarter valued at about $1,685,000. Amundi lifted its holdings in Rigetti Computing by 124.8% in the 1st quarter. Amundi now owns 60,012 shares of the company’s stock valued at $843,000 after purchasing an additional 33,317 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake 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 acquiring an additional 1,121 shares during the period. 35.38% of the stock is currently owned by hedge funds and other 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.