Rigetti Computing (NASDAQ:RGTI) Trading Down 9.1% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 9.1% during mid-day trading on Tuesday . The stock traded as low as $20.42 and last traded at $20.64. Approximately 32,891,675 shares traded hands during trading, a decline of 9% from the average daily volume of 36,026,672 shares. The stock had previously closed at $22.70.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RGTI shares. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Mizuho reduced their price target on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, June 11th. Finally, Needham & Company LLC restated a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a research report on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Trading Down 9.3%

The company has a market capitalization of $6.84 billion, a P/E ratio of -23.67 and a beta of 1.88. The business has a 50 day moving average price of $19.53 and a 200 day moving average price of $20.16.

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

Insider Activity at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the sale, the chief financial officer directly owned 171,927 shares in the company, valued at $3,945,724.65. This trade represents a 2.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the sale, the chief technology officer owned 325,945 shares in the company, valued at $8,279,003. This represents a 60.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 643,957 shares of company stock worth $15,800,744 in the last ninety days. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently modified their holdings of the company. Royal Bank of Canada increased its stake in Rigetti Computing by 106.2% during the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after purchasing an additional 113,644 shares in the last quarter. AQR Capital Management LLC increased its stake in Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock worth $642,000 after purchasing an additional 47,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Rigetti Computing by 25.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after purchasing an additional 22,770 shares in the last quarter. NewEdge Advisors LLC increased its stake in Rigetti Computing by 197.8% during the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after purchasing an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in Rigetti Computing during the 1st quarter worth approximately $3,115,000. 35.38% of the stock is currently 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.