Rigetti Computing (NASDAQ:RGTI) Stock Price Down 9.5% – Here’s What Happened

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

Wall Street Analyst Weigh In

Several research firms have issued reports on RGTI. TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Mizuho decreased their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Trading Down 9.5%

The business has a 50 day moving average of $18.82 and a 200-day moving average of $20.31. The stock has a market cap of $6.54 billion, a PE ratio of -22.63 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The firm’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. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction 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 transaction, the chief financial officer owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This represents a 2.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer directly owned 325,945 shares in the company, valued at approximately $8,279,003. This represents a 60.50% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 521,769 shares of company stock valued at $13,198,140. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RGTI. Clear Street Group Inc. acquired a new stake in shares of Rigetti Computing during the third quarter valued at about $47,752,000. Van ECK Associates Corp grew its stake in shares of Rigetti Computing by 384.2% during the third quarter. Van ECK Associates Corp now owns 548,217 shares of the company’s stock valued at $16,331,000 after acquiring an additional 434,995 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Rigetti Computing by 66.3% during the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock valued at $2,664,000 after acquiring an additional 47,935 shares in the last quarter. Spear Advisors LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter valued at about $2,062,000. Finally, Elevatus Welath Management acquired a new stake in shares of Rigetti Computing during the third quarter valued at about $4,284,000. 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.