Rigetti Computing (NASDAQ:RGTI) Trading Down 5.2% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 5.2% during trading on Friday . The stock traded as low as $15.44 and last traded at $15.59. Approximately 14,521,784 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 31,873,016 shares. The stock had previously closed at $16.44.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RGTI. Wedbush assumed coverage on shares of Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research note on Friday, August 7th. Jefferies Financial Group reaffirmed a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Weiss Ratings cut Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Finally, Zacks Research lowered Rigetti Computing from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $30.67.

Rigetti Computing Stock Down 5.2%

The company’s fifty day simple moving average is $16.99 and its 200 day simple moving average is $17.71. The firm has a market capitalization of $5.20 billion, a PE ratio of -17.32 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insider Buying and Selling

In related news, CTO Andrew Joseph Bestwick sold 5,791 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.81, for a total transaction of $97,346.71. Following the sale, the chief technology officer directly owned 1,036,121 shares of the company’s stock, valued at approximately $17,417,194.01. This represents a 0.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO David Rivas sold 9,038 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.79, for a total transaction of $151,748.02. Following the sale, the chief operating officer owned 316,907 shares in the company, valued at approximately $5,320,868.53. The trade was a 2.77% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 225,821 shares of company stock worth $4,662,494 in the last 90 days. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada increased its holdings in Rigetti Computing by 106.2% in the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after acquiring an additional 113,644 shares in the last quarter. AQR Capital Management LLC lifted its position in Rigetti Computing by 138.9% during the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $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% during the first 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 during the last quarter. NewEdge Advisors LLC raised its holdings in Rigetti Computing by 197.8% during the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $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 position in Rigetti Computing during the first quarter valued at $3,115,000. Institutional investors 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.