Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.7% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 5.7% on Thursday . The company traded as low as $18.28 and last traded at $18.41. Approximately 27,728,187 shares traded hands during trading, a decline of 23% from the average session volume of 36,007,887 shares. The stock had previously closed at $19.53.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Benchmark dropped their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday, June 11th. Finally, Needham & Company LLC restated a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Trading Down 0.3%

The stock has a fifty day simple moving average of $20.45 and a two-hundred day simple moving average of $19.84. The company has a market cap of $6.10 billion, a PE ratio of -21.10 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last issued its 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 during the quarter, compared to the consensus estimate of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company’s revenue for the quarter was up 198.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.05) EPS. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the transaction, the chief financial officer owned 171,927 shares in the company, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction 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 completion of the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This trade represents a 60.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 728,901 shares of company stock valued at $17,546,343 over the last quarter. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its holdings in Rigetti Computing by 106.2% in the first quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after buying an additional 113,644 shares in the last quarter. AQR Capital Management LLC boosted its stake 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 acquiring an additional 47,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Rigetti Computing by 25.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after acquiring an additional 22,770 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Rigetti Computing by 197.8% in the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after acquiring an additional 16,998 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in shares of Rigetti Computing in the 1st quarter worth approximately $3,115,000. 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.