Rigetti Computing (NASDAQ:RGTI) Shares Down 4% – What’s Next?

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

Wall Street Analyst Weigh In

RGTI has been the topic of a number of research analyst reports. Northland Securities assumed coverage on Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 price target on the stock. Rosenblatt Securities restated a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday, June 11th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Needham & Company LLC reissued a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Finally, 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 report on Tuesday, May 12th. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Rigetti Computing presently has an average rating of “Moderate Buy” and a consensus price target of $30.60.

Rigetti Computing Trading Down 4.0%

The business has a 50-day moving average of $20.42 and a two-hundred day moving average of $19.61. The firm has a market cap of $5.96 billion, a P/E ratio of -20.62 and a beta of 1.95.

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

Insider Buying and Selling

In other Rigetti Computing news, Director Ray O. Johnson sold 84,944 shares of the company’s stock in a transaction dated 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 sale, the director owned 95,537 shares in the company, valued at approximately $1,963,285.35. The trade was a 47.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 dated 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 completion of the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $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 have sold a total of 728,901 shares of company stock valued at $17,546,343 over the last 90 days. 1.60% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

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