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

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 1.9% during trading on Wednesday . The company traded as low as $15.30 and last traded at $16.08. Approximately 21,296,290 shares changed hands during trading, a decline of 29% from the average daily volume of 30,044,980 shares. The stock had previously closed at $16.39.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Wedbush boosted their target price on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. TD Cowen lowered shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Benchmark reduced their price objective 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. Royal Bank Of Canada downgraded shares of Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Finally, Needham & Company LLC lowered their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.64.

Rigetti Computing Trading Up 0.2%

The firm has a 50-day moving average of $16.25 and a two-hundred day moving average of $23.47. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of -25.71 and a beta of 1.79.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, equities analysts anticipate that Rigetti Computing, Inc. will post -0.16 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the sale, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at $11,421,533.28. This represents a 5.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the sale, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Heritage Wealth Advisors grew its position in Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after buying an additional 954 shares in the last quarter. Larson Financial Group LLC raised its holdings in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares in the last quarter. EFG International AG acquired a new position in Rigetti Computing in the 4th quarter valued at approximately $28,000. Tsfg LLC lifted its position in shares of Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after acquiring an additional 1,000 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Rigetti Computing by 180.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after acquiring an additional 858 shares during the period. Institutional investors and hedge funds 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.