Rigetti Computing (NASDAQ:RGTI) Stock Price Down 8.3% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded down 8.3% during trading on Thursday . The stock traded as low as $16.50 and last traded at $16.86. 27,286,497 shares changed hands during mid-day trading, a decline of 11% from the average session volume of 30,605,809 shares. The stock had previously closed at $18.38.

Analyst Ratings Changes

Several analysts have commented on the company. Northland Securities assumed coverage on Rigetti Computing in a report on Monday. They issued a “market perform” rating and a $20.00 price objective on the stock. TD Cowen lowered Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. Benchmark reduced their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Finally, Needham & Company LLC reduced their price objective on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and a consensus price target of $30.64.

Rigetti Computing Trading Down 8.3%

The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of -24.79 and a beta of 1.82. The company has a fifty day moving average of $16.15 and a 200-day moving average of $24.47.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The company had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing’s revenue was down 17.9% on a year-over-year basis. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.16 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 36,719 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 $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Rothschild Investment LLC boosted its position in Rigetti Computing by 26.1% during the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after acquiring an additional 345 shares during the last quarter. Trust Co. of Toledo NA OH increased its holdings in shares of Rigetti Computing by 1.7% in the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock valued at $631,000 after purchasing an additional 357 shares during the last quarter. Prospera Financial Services Inc increased its holdings in shares of Rigetti Computing by 1.0% in the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock valued at $1,245,000 after purchasing an additional 419 shares during the last quarter. Kestra Private Wealth Services LLC increased its holdings in shares of Rigetti Computing by 1.4% in the fourth quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock valued at $831,000 after purchasing an additional 535 shares during the last quarter. Finally, MAI Capital Management increased its holdings in shares of Rigetti Computing by 17.7% in the third quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after purchasing an additional 566 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.