Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.5% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 3.5% on Tuesday . The stock traded as low as $16.79 and last traded at $16.97. 23,588,582 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 32,597,508 shares. The stock had previously closed at $17.59.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target on the stock. Mizuho started coverage on shares of Rigetti Computing in a research note on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price objective for the company. Finally, Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Stock Performance

The company has a market cap of $5.60 billion, a P/E ratio of -13.06 and a beta of 1.70. The business has a 50 day moving average price of $23.55 and a two-hundred day moving average price of $25.77.

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

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Danske Bank A S bought a new position in shares of Rigetti Computing during the third quarter valued at $30,000. Parallel Advisors LLC increased its position in Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after acquiring an additional 871 shares during the last quarter. Clearstead Advisors LLC bought a new position in Rigetti Computing in the third quarter valued at about $35,000. Larson Financial Group LLC boosted its position in Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares during the last quarter. Finally, Ancora Advisors LLC bought a new stake in shares of Rigetti Computing during the 3rd quarter valued at about $38,000. 35.38% of the stock is owned by institutional investors.

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.