Rigetti Computing (NASDAQ:RGTI) Shares Down 5.7% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 5.7% during trading on Thursday . The company traded as low as $18.28 and last traded at $18.41. 27,728,187 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 36,007,887 shares. The stock had previously closed at $19.53.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RGTI. Mizuho decreased their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Needham & Company LLC reissued a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a report on Tuesday, May 12th. Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, June 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Finally, Northland Securities began 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. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing has a consensus rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Stock Performance

The company’s 50-day moving average is $20.43 and its 200-day moving average is $19.92. The firm has a market cap of $6.12 billion, a price-to-earnings ratio of -21.16 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. During the same quarter last year, the company posted ($0.05) EPS. The company’s quarterly revenue was up 198.9% compared to the same quarter last year. On average, analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the transaction, the chief technology officer owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This represents a 60.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 84,944 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total value of $1,745,599.20. Following the transaction, the director directly owned 95,537 shares in the company, valued at approximately $1,963,285.35. This represents a 47.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 728,901 shares of company stock valued at $17,546,343 over the last three months. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. Clear Street Group Inc. acquired a new stake in Rigetti Computing in the third quarter worth about $47,752,000. Intech Investment Management LLC lifted its holdings in Rigetti Computing by 66.3% in the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock valued at $2,664,000 after buying an additional 47,935 shares during the period. Van ECK Associates Corp boosted its position in shares of Rigetti Computing by 384.2% in the 3rd quarter. Van ECK Associates Corp now owns 548,217 shares of the company’s stock worth $16,331,000 after purchasing an additional 434,995 shares during the last quarter. Spear Advisors LLC bought a new position in Rigetti Computing during the fourth quarter worth about $2,062,000. Finally, Elevatus Welath Management acquired a new position in Rigetti Computing during the third quarter valued at approximately $4,284,000. 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.