Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.7% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 1.7% on Thursday . The company traded as low as $14.73 and last traded at $15.41. Approximately 23,723,899 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 30,446,311 shares. The stock had previously closed at $15.67.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RGTI. Needham & Company LLC decreased their target price 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. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, March 5th. Jefferies Financial Group started coverage on Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective for the company. Benchmark lowered their price objective on Rigetti Computing from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $32.70.

Rigetti Computing Price Performance

The company has a market capitalization of $5.12 billion, a P/E ratio of -22.66 and a beta of 1.71. The firm has a fifty day moving average price of $19.11 and a 200-day moving average price of $25.89.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. Rigetti Computing’s revenue for the quarter was down 17.9% compared to the same quarter last year. On average, research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. increased its stake in shares of Rigetti Computing by 12.2% during the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after purchasing an additional 3,924,171 shares during the last quarter. State Street Corp lifted its stake in Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after purchasing an additional 946,850 shares during the last quarter. Geode Capital Management LLC grew its holdings in Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after purchasing an additional 196,891 shares during the period. Marex Group plc purchased a new stake in Rigetti Computing in the second quarter worth $87,414,000. Finally, UBS Group AG increased its position in Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares during the last quarter. 35.38% of the stock is 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.