Rigetti Computing (NASDAQ:RGTI) Trading Down 1.2% Following Insider Selling

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 1.2% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $19.38 and last traded at $19.45. Approximately 32,319,212 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 35,922,926 shares. The stock had previously closed at $19.69.

Specifically, Director Ray O. Johnson sold 122,188 shares of the stock in a transaction dated 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 completion of the sale, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. This trade represents a 41.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on RGTI shares. Mizuho decreased their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Northland Securities initiated coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Rigetti Computing presently has an average rating of “Moderate Buy” and an average target price of $29.18.

Key Headlines Impacting Rigetti Computing

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Bernstein said the market may be underestimating Rigetti’s position in the quantum race and highlighted it as a potential early winner, which is helping sentiment around the stock. Rigetti Computing Is One of This Analyst’s Top Quantum Picks. The Case for Buying.
• Positive Sentiment: Zacks noted that Rigetti is advancing toward “quantum advantage” with its 108-qubit Cepheus system, rising customer adoption, and a three-year target for quantum advantage, reinforcing the long-term growth narrative. Rigetti Advances Toward Quantum Advantage With Cepheus Push
• Positive Sentiment: Several articles point to Rigetti as one of the more interesting quantum stocks for investors, with hedge-fund interest and “buy the dip” coverage supporting demand for the shares. Buy the Dip on This Quantum Computing Stock
• Neutral Sentiment: Recent “since last earnings report” coverage mostly frames the stock’s move as a function of post-earnings expectations and analyst estimates, rather than a new company-specific catalyst. Why Is Rigetti Computing (RGTI) Up 3.3% Since Last Earnings Report?
• Negative Sentiment: Director Ray O. Johnson sold 122,188 shares in a pre-arranged 10b5-1 transaction, which can weigh on investor confidence even though it was scheduled in advance. SEC Form 4 filing
• Negative Sentiment: Broader risk-off trading in the Nasdaq and a tougher backdrop for pure-play quantum stocks may be limiting upside and adding volatility to RGTI. Stock Market Today, June 9: Risk-Off Sentiment Pressures Nasdaq

Rigetti Computing Stock Down 1.1%

The company has a market cap of $6.48 billion, a PE ratio of -22.39 and a beta of 1.88. The business has a 50-day simple moving average of $18.95 and a 200-day simple moving average of $20.27.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The company had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.Rigetti Computing’s revenue for the quarter was up 198.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.05) earnings per share. On average, research analysts forecast that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds have recently bought and sold shares of RGTI. Vanguard Group Inc. boosted its position in Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after purchasing an additional 9,228,888 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Rigetti Computing by 1,632.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after acquiring an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Rigetti Computing in the second quarter valued at approximately $21,887,000. Norges Bank purchased a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $38,889,000. Finally, Clear Street Group Inc. purchased a new position in shares of Rigetti Computing in the third quarter valued at approximately $47,752,000. Hedge funds and other 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.