Rigetti Computing (NASDAQ:RGTI) Shares Down 6.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 6.9% during mid-day trading on Monday . The company traded as low as $16.02 and last traded at $16.62. 30,972,138 shares were traded during mid-day trading, an increase of 3% from the average session volume of 30,005,742 shares. The stock had previously closed at $17.85.

Analyst Ratings Changes

RGTI has been the topic of a number of research reports. B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Thursday, January 22nd. Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. 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. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Finally, Northland Securities initiated coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price for the company. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Rigetti Computing presently has an average rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Stock Performance

The firm has a 50-day moving average price of $16.57 and a 200-day moving average price of $21.49. The stock has a market cap of $5.52 billion, a PE ratio of -19.10 and a beta of 1.79.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.01. The company had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. Rigetti Computing’s revenue for the quarter was up 198.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. As a group, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO David Rivas sold 36,719 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 $643,316.88. Following the sale, the chief technology officer owned 651,914 shares in the company, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RGTI. Vanguard Group Inc. increased its holdings in Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after buying an additional 9,228,888 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Rigetti Computing by 1,632.5% during the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after acquiring an additional 2,422,873 shares during the period. Ameriprise Financial Inc. purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at about $21,887,000. Norges Bank purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at about $38,889,000. Finally, Clear Street Group Inc. bought a new stake in shares of Rigetti Computing in the third quarter worth approximately $47,752,000. 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.