Rigetti Computing (NASDAQ:RGTI) Trading Down 14.4% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were down 14.4% on Friday . The company traded as low as $20.10 and last traded at $20.68. Approximately 49,835,129 shares traded hands during trading, an increase of 39% from the average daily volume of 35,832,941 shares. The stock had previously closed at $24.16.

Analyst Upgrades and Downgrades

Several research firms recently commented on RGTI. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Mizuho reduced their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Benchmark decreased their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Finally, TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Eight 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Price Performance

The company has a fifty day moving average price of $18.57 and a two-hundred day moving average price of $20.37. The company has a market capitalization of $6.87 billion, a P/E ratio of -23.77 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The business had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same period last year, the company earned ($0.05) EPS. The firm’s revenue was up 198.9% compared to the same quarter last year. As a group, sell-side 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 related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the sale, the chief financial officer directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction 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. This represents a 60.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 562,758 shares of company stock valued at $13,916,267 in the last ninety days. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Rigetti Computing by 12.2% during the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after acquiring an additional 3,924,171 shares during the last quarter. State Street Corp boosted its holdings in Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after acquiring an additional 946,850 shares during the last quarter. Geode Capital Management LLC increased its position in Rigetti Computing by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after purchasing an additional 196,891 shares during the period. UBS Group AG raised its holdings in Rigetti Computing by 90.9% during the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after purchasing an additional 1,467,483 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Rigetti Computing by 16.3% during the 3rd quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after purchasing an additional 397,905 shares during the last quarter. 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.