Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.2% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 3.2% during trading on Wednesday . The company traded as low as $15.75 and last traded at $16.43. 32,628,513 shares traded hands during trading, an increase of 0% from the average session volume of 32,604,150 shares. The stock had previously closed at $16.97.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on RGTI shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Benchmark dropped their target price on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Finally, Wedbush boosted their target price on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Stock Down 3.2%

The stock’s 50-day moving average price is $23.41 and its 200 day moving average price is $25.78. The firm has a market cap of $5.42 billion, a price-to-earnings ratio of -12.64 and a beta of 1.69.

Rigetti Computing (NASDAQ:RGTI) last released 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. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The business had revenue of $1.95 million for the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing’s revenue for the quarter was down 18.1% on a year-over-year basis. On average, research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the company. Danske Bank A S acquired a new position in shares of Rigetti Computing in the third quarter valued at $30,000. Parallel Advisors LLC grew its holdings in shares of Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares during the last quarter. Clearstead Advisors LLC bought a new stake in shares of Rigetti Computing in the 3rd quarter worth about $35,000. Larson Financial Group LLC increased its position in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares in the last quarter. Finally, Ancora Advisors LLC bought a new position in Rigetti Computing during the 3rd quarter valued at about $38,000. 35.38% of the stock is currently owned by institutional investors.

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.