Rigetti Computing (NASDAQ:RGTI) Stock Price Down 8.9% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 8.9% during trading on Wednesday . The company traded as low as $19.02 and last traded at $19.3880. 34,560,011 shares traded hands during trading, a decline of 4% from the average session volume of 36,070,023 shares. The stock had previously closed at $21.28.

Rigetti Computing News Roundup

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: U.S. executive orders and broader policy support for quantum computing have renewed investor interest in the sector, which could help sentiment toward Rigetti as a pure-play quantum name. Trump Seeks to Boost Quantum Computing With New Executive Orders
• Positive Sentiment: Articles highlighting Rigetti’s cash position, analyst upside, and chiplet momentum suggest the company remains a favored quantum stock for some investors after Quantinuum’s IPO. Rigetti vs. IonQ: Which Quantum Stock Wins After Quantinuum’s IPO?
• Neutral Sentiment: Rigetti’s recent earnings beat and strong revenue growth provide a supportive operational backdrop, but the company is still loss-making and the results were from its last reported quarter rather than a new catalyst.
• Negative Sentiment: Director Ray O. Johnson sold 84,944 shares under a pre-arranged trading plan, a move that can still weigh on investor sentiment even if it was not discretionary. Ray Johnson Sells 84,944 Shares of Rigetti Computing (NASDAQ:RGTI) Stock
• Negative Sentiment: Several analysts and market-commentary pieces warn that quantum stocks, including Rigetti, remain richly valued and vulnerable to macro pressure, which may be limiting upside in the near term. 2 Quantum Stocks That Are a Sell Today Despite Long-Term Promise

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of recent research reports. Benchmark reduced 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 report on Friday, March 20th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday, June 11th. Northland Securities initiated coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Stock Down 8.9%

The firm has a 50-day moving average of $20.34 and a two-hundred day moving average of $19.99. The company has a market capitalization of $6.44 billion, a PE ratio of -22.28 and a beta of 1.88.

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

Insider Transactions at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction dated 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 transaction, 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the transaction, the chief technology officer directly owned 325,945 shares in the company, valued at $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 728,901 shares of company stock valued at $17,546,343 over the last 90 days. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in 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 acquiring an additional 113,644 shares during the last quarter. AQR Capital Management LLC boosted 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 worth $642,000 after purchasing an additional 47,115 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 purchasing an additional 22,770 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Rigetti Computing by 197.8% in the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $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 purchased a new stake in shares of Rigetti Computing in the first quarter valued at approximately $3,115,000. Hedge funds and other 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.