Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 4% during trading on Thursday . The stock traded as low as $17.55 and last traded at $17.94. 25,196,819 shares changed hands during trading, a decline of 29% from the average daily volume of 35,639,891 shares. The stock had previously closed at $18.68.

Analyst Upgrades and Downgrades

RGTI has been the topic of several recent analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, June 11th. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. 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. Benchmark decreased 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, Northland Securities started coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective on the stock. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.60.

Rigetti Computing Stock Down 4.0%

The stock has a market capitalization of $5.96 billion, a P/E ratio of -20.62 and a beta of 1.95. The business’s 50 day simple moving average is $20.42 and its two-hundred day simple moving average is $19.61.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping 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 company had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The firm’s revenue for the quarter was up 198.9% on a year-over-year basis. Analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 122,188 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the completion of the sale, the director directly owned 171,273 shares of the company’s stock, valued at approximately $3,648,114.90. The trade was a 41.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This trade represents a 60.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 728,901 shares of company stock worth $17,546,343. Insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

Several institutional investors have recently made changes to their positions in the company. NewEdge Advisors LLC raised its holdings in shares of Rigetti Computing by 6.7% in the first quarter. NewEdge Advisors LLC now owns 65,694 shares of the company’s stock valued at $922,000 after purchasing an additional 4,149 shares during the last quarter. Janus Henderson Group PLC increased its stake in Rigetti Computing by 7.3% in the 1st quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock valued at $2,809,000 after buying an additional 13,666 shares during the last quarter. Encore Global Management LP bought a new position in shares of Rigetti Computing during the 1st quarter worth approximately $1,685,000. Amundi lifted its position in shares of Rigetti Computing by 124.8% during the 1st quarter. Amundi now owns 60,012 shares of the company’s stock worth $843,000 after buying an additional 33,317 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Rigetti Computing by 31.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock worth $65,000 after buying an additional 1,121 shares during the last quarter. Institutional investors 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.