Rigetti Computing (NASDAQ:RGTI) Trading Down 14.4% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 14.4% during trading on Friday . The company traded as low as $20.10 and last traded at $20.68. Approximately 49,835,129 shares traded hands during trading, an increase of 39% from the average daily volume of 35,832,941 shares. The stock had previously closed at $24.16.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RGTI. Northland Securities started coverage on Rigetti Computing in a research report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective for the company. Benchmark cut their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Mizuho reduced their price target on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Needham & Company LLC reissued a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Finally, TD Cowen lowered shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Eight investment 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 stock presently has an average rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Trading Down 14.4%

The firm has a market capitalization of $6.87 billion, a price-to-earnings ratio of -23.77 and a beta of 1.88. The company’s 50 day moving average is $18.57 and its 200-day moving average is $20.37.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share 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 firm had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The business’s revenue was up 198.9% compared to the same quarter last year. Research analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the transaction, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction on 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 562,758 shares of company stock worth $13,916,267 over the last three months. 1.60% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Danske Bank A S acquired a new stake in Rigetti Computing during the third quarter worth approximately $30,000. Parallel Advisors LLC increased its stake in shares of Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares during the period. Clearstead Advisors LLC acquired a new stake in Rigetti Computing during the 3rd quarter worth approximately $35,000. Heritage Wealth Advisors lifted its holdings in Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares during the period. Institutional investors own 35.38% of the company’s stock.

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.