Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.3% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 3.3% during trading on Wednesday . The stock traded as low as $18.65 and last traded at $18.68. Approximately 24,324,976 shares traded hands during trading, a decline of 32% from the average session volume of 35,722,234 shares. The stock had previously closed at $19.32.

Analyst Ratings Changes

RGTI has been the topic of a number of recent research reports. Benchmark reduced their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Mizuho dropped 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 note on Tuesday, May 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Finally, Northland Securities began coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $30.60.

Rigetti Computing Stock Performance

The company’s fifty day moving average price is $20.41 and its 200 day moving average price is $19.56. The firm has a market capitalization of $5.96 billion, a price-to-earnings ratio of -20.62 and a beta of 1.95.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business’s revenue for the quarter was up 198.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.05) EPS. As a group, sell-side analysts expect that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 499,328 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Ray O. Johnson sold 84,944 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $20.55, for a total value of $1,745,599.20. Following the transaction, the director directly owned 95,537 shares in the company, valued at $1,963,285.35. This trade represents a 47.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 728,901 shares of company stock worth $17,546,343 in the last three months. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Rigetti Computing by 12.2% in the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after buying an additional 3,924,171 shares in the last quarter. State Street Corp raised its position in shares of Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after buying an additional 946,850 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Rigetti Computing by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after buying an additional 196,891 shares in the last quarter. UBS Group AG lifted its stake in shares of Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after acquiring an additional 1,467,483 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Rigetti Computing by 16.3% in the 3rd quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after acquiring an additional 397,905 shares during the period. 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.