Rigetti Computing (NASDAQ:RGTI) Trading Down 7.1% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 7.1% during mid-day trading on Monday . The stock traded as low as $15.15 and last traded at $15.36. Approximately 26,258,845 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 34,948,188 shares. The stock had previously closed at $16.54.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RGTI. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, June 11th. Northland Securities started 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 for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Benchmark cut their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Finally, Mizuho reduced their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.60.

Rigetti Computing Price Performance

The stock has a market capitalization of $5.35 billion, a PE ratio of -18.52 and a beta of 1.95. The stock’s 50 day simple moving average is $20.36 and its two-hundred day simple moving average is $19.15.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The company had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. Rigetti Computing’s quarterly revenue was up 198.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ray O. Johnson sold 122,188 shares of Rigetti Computing stock in a transaction dated 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 completion of the sale, the director owned 171,273 shares in the company, valued at approximately $3,648,114.90. This trade represents a 41.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was 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 directly owned 171,927 shares of the company’s stock, valued at approximately $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 ninety days, insiders sold 728,901 shares of company stock worth $17,546,343. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently added to or reduced their stakes in the business. Clear Street Group Inc. boosted its position in shares of Rigetti Computing by 71.1% in the fourth quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock worth $60,761,000 after purchasing an additional 1,140,183 shares during the period. Intech Investment Management LLC boosted its stake in shares of Rigetti Computing by 66.3% in the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock worth $2,664,000 after acquiring an additional 47,935 shares during the period. Patriot Financial Group Insurance Agency LLC raised its stake in Rigetti Computing by 105.3% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock valued at $1,733,000 after purchasing an additional 63,331 shares during the period. Spear Advisors LLC purchased a new position in Rigetti Computing in the 4th quarter worth approximately $2,062,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Rigetti Computing in the 4th quarter worth approximately $4,937,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.