Rigetti Computing (NASDAQ:RGTI) Stock Price Down 6.3% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 6.3% during mid-day trading on Tuesday . The company traded as low as $23.94 and last traded at $24.75. 26,303,250 shares were traded during trading, a decline of 20% from the average session volume of 32,762,131 shares. The stock had previously closed at $26.42.

More Rigetti Computing News

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: The federal government reportedly plans to provide hundreds of millions of dollars to quantum companies to support domestic foundry and technology development, which could benefit Rigetti as a U.S.-based quantum computing player. Quantum Stocks Just Got a Lifeline—Who Benefits Most? (RGTI)
• Positive Sentiment: Options activity spiked sharply, with unusually heavy call buying in RGTI, suggesting traders are positioning for continued upside or volatility. Rigetti Computing Sees Unusually High Options Volume (NASDAQ:RGTI)
• Positive Sentiment: News that Rigetti and other quantum names posted strong recent gains, along with coverage of a refreshed IPO market for quantum-computing companies, is adding momentum to the sector and keeping investor attention on RGTI. Honeywell-Backed Quantinuum Seeks to Raise $1.05 Billion in IPO
• Neutral Sentiment: Rigetti continues to draw heavy online search interest, reflecting elevated speculation and attention rather than a direct fundamental catalyst. Investors Heavily Search Rigetti Computing, Inc. (RGTI): Here is What You Need to Know
• Negative Sentiment: After last week’s sharp double-digit gains, some of today’s weakness may simply reflect profit-taking and a pause following the latest surge. BB, SIDU, RGTI Stocks Lead Last Week’s Wildest Upswings: Here’s What Happened

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RGTI shares. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday. TD Cowen lowered shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Needham & Company LLC reiterated a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a research report on Tuesday, May 12th. Benchmark cut their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Price Performance

The company has a market cap of $8.25 billion, a P/E ratio of -28.56 and a beta of 1.79. The business’s 50 day moving average price is $17.03 and its 200-day moving average price is $20.69.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The business’s revenue was up 198.9% on a year-over-year basis. As a group, research analysts forecast that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

Insider Transactions at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction 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 completion of the sale, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO David Rivas sold 36,719 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was 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 of the company’s stock, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently modified their holdings of RGTI. Royal Bank of Canada raised its position in shares of Rigetti Computing by 106.2% in the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after acquiring an additional 113,644 shares during the period. AQR Capital Management LLC grew its holdings in shares of Rigetti Computing by 138.9% in the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after buying an additional 47,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Rigetti Computing by 25.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after buying an additional 22,770 shares during the period. NewEdge Advisors LLC increased its position in shares of Rigetti Computing by 197.8% in the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after buying an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in Rigetti Computing during the 1st quarter worth $3,115,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.