Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.3% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 1.3% during mid-day trading on Wednesday . The company traded as low as $21.66 and last traded at $22.01. Approximately 25,673,564 shares traded hands during mid-day trading, a decline of 22% from the average daily volume of 32,957,613 shares. The stock had previously closed at $22.31.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on RGTI shares. B. Riley raised Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a research note on Thursday, January 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Benchmark dropped their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Jefferies Financial Group began coverage on shares of Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective on the stock. Finally, Wedbush upped their price objective on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Trading Down 8.5%

The company has a market capitalization of $6.00 billion, a P/E ratio of -13.98 and a beta of 1.70. The company’s 50 day moving average is $24.54 and its 200-day moving average is $25.57.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data 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. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. The company’s revenue for the quarter was down 18.1% on a year-over-year basis. Analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc increased its holdings in shares of Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after acquiring an additional 1,300 shares in the last quarter. Danske Bank A S purchased a new stake in Rigetti Computing during the 3rd quarter valued at about $30,000. Parallel Advisors LLC increased its stake in Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after purchasing an additional 871 shares in the last quarter. Valley National Advisers Inc. raised its holdings in Rigetti Computing by 1,400.0% in the fourth quarter. Valley National Advisers Inc. now owns 1,500 shares of the company’s stock worth $33,000 after buying an additional 1,400 shares during the last quarter. Finally, Clearstead Advisors LLC bought a new position in shares of Rigetti Computing in the third quarter worth approximately $35,000. 35.38% of the stock is owned by institutional investors.

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.