Rigetti Computing (NASDAQ:RGTI) Trading Down 2.5% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 2.5% during trading on Thursday . The company traded as low as $14.67 and last traded at $14.85. 18,479,526 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 34,244,516 shares. The stock had previously closed at $15.23.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RGTI. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, June 11th. Needham & Company LLC reissued a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Weiss Ratings raised shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. Mizuho decreased their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Finally, Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Monday. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.00.

Rigetti Computing Stock Performance

The stock has a market capitalization of $4.94 billion, a PE ratio of -17.07 and a beta of 1.95. The firm has a 50 day moving average of $19.82 and a 200-day moving average of $18.81.

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

Insider Buying and Selling at Rigetti Computing

In other news, Director Ray O. Johnson sold 84,944 shares of Rigetti Computing stock in a transaction dated Monday, June 22nd. The stock was 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 approximately $1,963,285.35. The trade was a 47.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction dated 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 transaction, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at $8,279,003. This represents a 60.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 728,901 shares of company stock worth $17,546,343 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Kestra Private Wealth Services LLC increased its position in Rigetti Computing by 1.4% during the 4th 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 period. Global Retirement Partners LLC boosted its stake in Rigetti Computing by 10.2% during the fourth quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock worth $147,000 after acquiring an additional 615 shares in the last quarter. Comerica Bank increased its stake in Rigetti Computing by 2.1% in the third quarter. Comerica Bank now owns 31,901 shares of the company’s stock valued at $950,000 after purchasing an additional 653 shares in the last quarter. Main Management ETF Advisors LLC raised its holdings in shares of Rigetti Computing by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 64,206 shares of the company’s stock valued at $1,422,000 after purchasing an additional 656 shares during the period. Finally, Larson Financial Group LLC boosted 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. 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.