Rigetti Computing (NASDAQ:RGTI) Shares Down 4.8% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 4.8% during mid-day trading on Thursday . The company traded as low as $14.24 and last traded at $14.41. Approximately 20,625,295 shares changed hands during trading, a decline of 31% from the average daily volume of 29,995,150 shares. The stock had previously closed at $15.14.

Analyst Ratings Changes

Several analysts recently weighed in on RGTI shares. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, March 5th. TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Mizuho reduced their price target on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Wedbush upped their price target 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. Finally, Needham & Company LLC dropped their price objective on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $31.70.

Rigetti Computing Trading Down 4.8%

The stock has a market capitalization of $4.79 billion, a P/E ratio of -21.19 and a beta of 1.71. The company has a 50-day moving average price of $18.13 and a 200 day moving average price of $25.89.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, beating 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 company had revenue of $1.87 million for the quarter, compared to the consensus estimate of $2.33 million. The company’s revenue was down 17.9% on a year-over-year basis. As a group, research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the sale, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. This trade represents a 5.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 10th. The stock was 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 directly owned 175,609 shares in the company, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Rigetti Computing by 12.2% in 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 in the last quarter. State Street Corp increased its position in Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after buying an additional 946,850 shares in the last quarter. Geode Capital Management LLC raised its stake in Rigetti Computing by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after buying an additional 196,891 shares during the last quarter. Marex Group plc purchased a new stake in Rigetti Computing in the second quarter valued at about $87,414,000. Finally, UBS Group AG boosted its holdings 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 acquiring an additional 1,467,483 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.