Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.4% After Analyst Downgrade

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 3.4% during trading on Friday after Benchmark lowered their price target on the stock from $35.00 to $25.00. Benchmark currently has a buy rating on the stock. Rigetti Computing traded as low as $14.37 and last traded at $14.88. Approximately 24,587,906 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 30,391,480 shares. The stock had previously closed at $15.41.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Mizuho dropped their price target on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target for the company in a research note on Thursday, January 22nd. Finally, Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $31.70.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the sale, the chief technology officer owned 651,914 shares of the company’s stock, valued at $11,421,533.28. The trade was a 5.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the sale, the chief financial officer owned 175,609 shares in the company, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RGTI. Danske Bank A S bought a new stake in shares of Rigetti Computing during the third quarter valued at about $30,000. Parallel Advisors LLC boosted its position in shares of Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after acquiring an additional 871 shares during the period. Clearstead Advisors LLC bought a new position in shares of Rigetti Computing in the third quarter valued at approximately $35,000. Heritage Wealth Advisors grew its stake in 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 in the last quarter. Finally, Larson Financial Group LLC grew its stake in 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 in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Trading Down 3.4%

The stock’s fifty day moving average is $18.71 and its two-hundred day moving average is $25.88. The firm has a market cap of $4.94 billion, a P/E ratio of -21.88 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The firm had revenue of $1.87 million during the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. Rigetti Computing’s revenue was down 17.9% on a year-over-year basis. On average, analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

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.