Rigetti Computing (NASDAQ:RGTI) Trading Down 7.1% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 7.1% during trading on Monday . The stock traded as low as $15.15 and last traded at $15.36. 26,258,845 shares were traded during mid-day trading, a decline of 25% from the average session volume of 34,948,188 shares. The stock had previously closed at $16.54.

Analyst Ratings Changes

A number of research firms have commented on RGTI. Needham & Company LLC restated a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Thursday, June 11th. Mizuho lowered their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, Benchmark decreased 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. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.60.

Rigetti Computing Trading Down 7.1%

The firm’s 50 day moving average price is $20.44 and its 200-day moving average price is $19.27. The company has a market cap of $5.11 billion, a P/E ratio of -17.65 and a beta of 1.95.

Rigetti Computing (NASDAQ:RGTI) last announced 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 business had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. During the same period in the prior year, the business posted ($0.05) earnings per share. Rigetti Computing’s revenue was up 198.9% compared to the same quarter last year. Analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Ray O. Johnson sold 84,944 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $20.55, for a total value of $1,745,599.20. Following the sale, the director directly owned 95,537 shares in the company, valued at $1,963,285.35. This trade represents a 47.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction that occurred 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 directly owned 325,945 shares in the company, valued at $8,279,003. The trade was a 60.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 728,901 shares of company stock valued at $17,546,343 over the last three months. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in RGTI. Royal Bank of Canada raised its stake in Rigetti Computing by 106.2% during the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after buying an additional 113,644 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after purchasing an additional 47,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position 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 purchasing an additional 22,770 shares during the period. NewEdge Advisors LLC increased its stake in Rigetti Computing by 197.8% during the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after purchasing 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 approximately $3,115,000. Institutional investors and hedge funds 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.