Rigetti Computing (NASDAQ:RGTI) Shares Down 9.5% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 9.5% during mid-day trading on Tuesday . The stock traded as low as $18.47 and last traded at $19.69. Approximately 48,796,150 shares traded hands during trading, an increase of 36% from the average daily volume of 35,951,047 shares. The stock had previously closed at $21.76.

Analyst Ratings Changes

RGTI has been the topic of a number of research reports. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Northland Securities began coverage on Rigetti Computing in a report on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price for the company. Benchmark dropped their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Finally, Mizuho dropped their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Rigetti Computing has an average rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Trading Up 6.1%

The company has a 50-day moving average of $19.08 and a 200-day moving average of $20.25. The company has a market capitalization of $6.86 billion, a price-to-earnings ratio of -23.71 and a beta of 1.88.

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

Insiders Place Their Bets

In other Rigetti Computing news, Director Ray O. Johnson sold 122,188 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the transaction, the director owned 171,273 shares in the company, valued at approximately $3,648,114.90. This represents a 41.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following 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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 643,957 shares of company stock worth $15,800,744. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently bought and sold shares of the business. Heritage Wealth Advisors raised its holdings in shares of Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after acquiring an additional 954 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the last quarter. PeakShares LLC acquired a new position in shares of Rigetti Computing during the first quarter valued at approximately $28,000. EFG International AG acquired a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $28,000. Finally, Tsfg LLC raised its holdings in shares of Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares during the last quarter. 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.