Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.6% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 2.6% during trading on Friday . The company traded as low as $16.37 and last traded at $16.54. Approximately 17,646,510 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 35,045,766 shares. The stock had previously closed at $16.99.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RGTI. Needham & Company LLC reissued a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Mizuho lowered their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, June 11th. Northland Securities started coverage on Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price on the stock. Finally, Benchmark decreased their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.60.

Rigetti Computing Trading Down 2.6%

The stock has a market capitalization of $5.50 billion, a PE ratio of -19.01 and a beta of 1.95. The business’s 50 day moving average is $20.43 and its 200 day moving average is $19.35.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm’s revenue for the quarter was up 198.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) EPS. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Activity

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction that occurred 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 sale, the chief financial officer directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada boosted its stake in shares of Rigetti Computing by 106.2% during the first quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after purchasing an additional 113,644 shares during the period. AQR Capital Management LLC grew its holdings in shares of Rigetti Computing by 138.9% in the first 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Rigetti Computing by 25.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after buying an additional 22,770 shares during the period. NewEdge Advisors LLC increased its stake in 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 buying an additional 16,998 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in Rigetti Computing during the 1st quarter valued at about $3,115,000. 35.38% of the stock is currently owned by institutional investors.

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.