Rigetti Computing (NASDAQ:RGTI) Trading Down 9.1% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded down 9.1% on Tuesday . The stock traded as low as $20.42 and last traded at $20.64. 32,891,675 shares were traded during mid-day trading, a decline of 9% from the average session volume of 36,026,672 shares. The stock had previously closed at $22.70.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Thursday, June 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Mizuho decreased 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. Finally, 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 report on Friday, March 20th. 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Price Performance

The stock has a market capitalization of $6.84 billion, a price-to-earnings ratio of -23.67 and a beta of 1.88. The stock’s 50 day simple moving average is $19.53 and its 200-day simple moving average is $20.16.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $4.09 million. During the same quarter last year, the firm posted ($0.05) earnings per share. The company’s quarterly revenue was up 198.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the sale, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. The trade was a 60.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the sale, the chief financial officer owned 171,927 shares in the company, valued at $3,945,724.65. This represents a 2.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 643,957 shares of company stock valued at $15,800,744 in the last 90 days. 1.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in RGTI. Royal Bank of Canada boosted its stake 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 purchasing an additional 113,644 shares in the last quarter. AQR Capital Management LLC lifted its position in Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock worth $642,000 after buying an additional 47,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Rigetti Computing by 25.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after buying an additional 22,770 shares in the last quarter. NewEdge Advisors LLC lifted its position 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 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 position in Rigetti Computing during the 1st quarter worth about $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.