Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.2% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 5.2% during mid-day trading on Friday . The company traded as low as $15.44 and last traded at $15.59. Approximately 14,521,784 shares were traded during trading, a decline of 54% from the average session volume of 31,873,016 shares. The stock had previously closed at $16.44.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RGTI shares. Zacks Research cut Rigetti Computing from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Wedbush began coverage on Rigetti Computing in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price on the stock. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Needham & Company LLC reissued a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Finally, Weiss Ratings lowered shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $30.67.

Rigetti Computing Stock Performance

The company has a 50 day simple moving average of $16.88 and a 200 day simple moving average of $17.69. The company has a market capitalization of $5.20 billion, a PE ratio of -17.32 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The business had revenue of $5.14 million during the quarter, compared to analysts’ expectations of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insider Transactions at Rigetti Computing

In related news, CTO Andrew Joseph Bestwick sold 5,791 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the transaction, the chief technology officer directly owned 1,036,121 shares of the company’s stock, valued at approximately $17,417,194.01. This represents a 0.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 122,188 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the transaction, the director owned 171,273 shares in the company, valued at $3,648,114.90. The trade was a 41.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 225,821 shares of company stock valued at $4,662,494 in the last 90 days. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the business. Heritage Wealth Advisors grew its stake in Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after acquiring an additional 954 shares in the last quarter. Larson Financial Group LLC lifted its stake in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares in the last quarter. PeakShares LLC purchased a new position in Rigetti Computing in the 1st quarter worth approximately $28,000. EFG International AG purchased a new position in Rigetti Computing in the 4th quarter worth approximately $28,000. Finally, Tsfg LLC boosted its holdings in shares of Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other 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.