Rigetti Computing (NASDAQ:RGTI) Shares Down 2.5% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 2.5% during mid-day trading on Tuesday . The company traded as low as $23.71 and last traded at $24.99. Approximately 45,691,057 shares changed hands during mid-day trading, an increase of 36% from the average daily volume of 33,501,000 shares. The stock had previously closed at $25.62.

Analyst Ratings Changes

Several brokerages recently weighed in on RGTI. Rosenblatt Securities began coverage on Rigetti Computing in a report on Thursday, January 15th. They set a “buy” rating and a $40.00 price target for the company. Benchmark cut their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Jefferies Financial Group began coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 target price for the company. Mizuho initiated coverage on shares of Rigetti Computing in a research note on Thursday, December 11th. They set an “outperform” rating and a $50.00 price target on the stock. Finally, Wedbush assumed coverage on shares of Rigetti Computing in a report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.10.

Rigetti Computing Stock Down 2.5%

The company has a market cap of $8.25 billion, a price-to-earnings ratio of -19.22 and a beta of 1.70. The business has a fifty day simple moving average of $25.17 and a 200 day simple moving average of $25.16.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The company had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing’s revenue was down 18.1% compared to the same quarter last year. Equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently bought and sold shares of the company. IFP Advisors Inc grew its holdings in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after purchasing an additional 1,300 shares during the last quarter. Danske Bank A S acquired a new position in shares of Rigetti Computing during the 3rd quarter worth $30,000. Parallel Advisors LLC raised its stake in shares of Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after buying an additional 871 shares during the last quarter. Armstrong Advisory Group Inc. boosted its position in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after buying an additional 2,060 shares in the last quarter. Finally, Clearstead Advisors LLC acquired a new stake in Rigetti Computing in the 3rd quarter valued at about $35,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.