Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down before the market opened on Tuesday . The stock had previously closed at $26.88, but opened at $25.90. Rigetti Computing shares last traded at $26.0010, with a volume of 3,500,544 shares traded.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of research analyst reports. Wedbush started coverage on Rigetti Computing in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 target price on the stock. Mizuho assumed coverage on Rigetti Computing in a research note on Thursday, December 11th. They set an “outperform” rating and a $50.00 price target for the company. Jefferies Financial Group began coverage on Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective on the stock. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Finally, Benchmark dropped their target price on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $31.22.

Rigetti Computing Stock Performance

The company has a market cap of $8.46 billion, a P/E ratio of -19.74 and a beta of 1.69. The business has a 50 day moving average price of $31.86 and a two-hundred day moving average price of $23.37.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The firm’s revenue for the quarter was down 18.1% compared to the same quarter last year. As a group, research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction on Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the sale, the director owned 120,371 shares of the company’s stock, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Rigetti Computing by 40.4% during the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares during the period. State Street Corp grew its position in shares of Rigetti Computing by 12.0% in the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after buying an additional 946,850 shares during the last quarter. Marex Group plc purchased a new position in shares of Rigetti Computing during the second quarter valued at approximately $87,414,000. Geode Capital Management LLC increased its stake in shares of Rigetti Computing by 22.9% during the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock valued at $76,910,000 after buying an additional 1,206,925 shares during the period. Finally, UBS Group AG raised its holdings in shares of Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after acquiring an additional 1,467,483 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.