Rigetti Computing (NASDAQ:RGTI) Trading Down 2.3% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 2.3% on Wednesday . The company traded as low as $24.04 and last traded at $24.5350. Approximately 18,142,810 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 70,089,359 shares. The stock had previously closed at $25.11.

Analysts Set New Price Targets

A number of research firms recently commented on RGTI. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Mizuho started coverage on shares of Rigetti Computing in a research report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price objective for the company. B. Riley reduced their price objective on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.22.

Rigetti Computing Price Performance

The company’s 50-day moving average is $30.14 and its 200-day moving average is $23.49. The firm has a market capitalization of $8.10 billion, a price-to-earnings ratio of -18.87 and a beta of 1.68.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $1.95 million for the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The company’s quarterly revenue was down 18.1% on a year-over-year basis. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director owned 120,371 shares in the company, valued at approximately $5,403,454.19. This trade represents a 34.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of the company. Rothschild Investment LLC increased its position in Rigetti Computing by 26.1% during the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after purchasing an additional 345 shares in the last quarter. Trust Co. of Toledo NA OH grew its stake in Rigetti Computing by 1.7% during the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock worth $631,000 after buying an additional 357 shares during the period. Prospera Financial Services Inc increased its position in shares of Rigetti Computing by 1.0% in the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after acquiring an additional 419 shares in the last quarter. MAI Capital Management raised its stake in shares of Rigetti Computing by 17.7% in the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after acquiring an additional 566 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Rigetti Computing by 25.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock valued at $86,000 after acquiring an additional 587 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

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.