Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.9% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 1.9% during mid-day trading on Wednesday . The stock traded as low as $20.17 and last traded at $20.25. Approximately 25,505,644 shares changed hands during trading, a decline of 29% from the average session volume of 35,973,602 shares. The stock had previously closed at $20.64.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Benchmark cut their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Northland Securities assumed coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a research report on Tuesday, May 12th. Finally, Mizuho reduced their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Rigetti Computing has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Stock Performance

The company has a market cap of $7.10 billion, a P/E ratio of -24.55 and a beta of 1.88. The stock has a 50-day moving average of $19.93 and a two-hundred day moving average of $20.06.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $4.40 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 198.9% on a year-over-year basis. During the same period last year, the business earned ($0.05) earnings per share. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 122,188 shares of the business’s stock in a transaction on Monday, June 8th. The stock was 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 of the company’s stock, valued at $3,648,114.90. This represents a 41.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 643,957 shares of company stock valued at $15,800,744. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RGTI. Clear Street Group Inc. bought a new position in shares of Rigetti Computing in the 3rd quarter worth approximately $47,752,000. Intech Investment Management LLC boosted its position in shares of Rigetti Computing by 66.3% during the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock valued at $2,664,000 after purchasing an additional 47,935 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Rigetti Computing by 384.2% during the third quarter. Van ECK Associates Corp now owns 548,217 shares of the company’s stock valued at $16,331,000 after purchasing an additional 434,995 shares in the last quarter. Spear Advisors LLC purchased a new stake in Rigetti Computing in the fourth quarter worth $2,062,000. Finally, Elevatus Welath Management purchased a new stake in Rigetti Computing in the third quarter worth $4,284,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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.