Rigetti Computing (NASDAQ:RGTI) Trading Down 9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 9% on Wednesday . The company traded as low as $13.13 and last traded at $13.22. 19,750,697 shares changed hands during trading, a decline of 42% from the average daily volume of 33,875,160 shares. The stock had previously closed at $14.52.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RGTI. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, June 11th. Needham & Company LLC reiterated a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Benchmark started coverage on shares of Rigetti Computing in a report on Monday. They issued a “buy” rating and a $25.00 target price on the stock. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Finally, Mizuho dropped 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 report on Tuesday, May 12th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Rigetti Computing Stock Performance

The stock has a fifty day simple moving average of $19.39 and a two-hundred day simple moving average of $18.37. The stock has a market capitalization of $5.01 billion, a price-to-earnings ratio of -17.36 and a beta of 1.95.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same period in the previous year, the business earned ($0.05) EPS. The firm’s revenue was up 198.9% compared to the same quarter last year. Research analysts forecast that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the business’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 transaction, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ray O. Johnson sold 122,188 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total value of $2,602,604.40. Following the transaction, the director owned 171,273 shares in the company, valued at $3,648,114.90. The trade was a 41.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Heritage Wealth Advisors grew its holdings in Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares during the period. Larson Financial Group LLC raised its holdings in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares during the period. PeakShares LLC bought a new position in shares of Rigetti Computing during the 1st quarter worth about $28,000. EFG International AG acquired a new stake in shares of Rigetti Computing in the 4th quarter valued at about $28,000. Finally, Tsfg LLC increased its position in Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.