Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.5% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 5.5% during trading on Friday . The stock traded as low as $24.44 and last traded at $25.54. Approximately 60,787,678 shares changed hands during mid-day trading, an increase of 76% from the average daily volume of 34,444,297 shares. The stock had previously closed at $27.03.

Key Rigetti Computing News

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: The U.S. government is expected to invest up to $100 million in Rigetti alongside other quantum companies, boosting confidence in the company’s technology and funding prospects. The U.S. Government Just Invested in These 3 Quantum Computing Stocks. Should Retail Investors Follow Suit?
• Positive Sentiment: Rigetti’s 108-qubit Cepheus-1 launch and rising QPU demand are supporting the case that the company can keep advancing toward quantum advantage and future revenue growth. Rigetti Computing’s 108-Qubit Push Keeps Quantum Advantage Hopes Alive
• Positive Sentiment: Market commentary says institutions may be positioning for a possible short squeeze, adding momentum to the stock’s recent strength. This Quantum Computing Stock May Be Closer to a Breakout Than You Think
• Neutral Sentiment: Recent articles highlight rising investor interest in the broader quantum-computing trade, which is lifting the group even as analysts say other names such as QBTS may have more upside from the new federal fund. QBTS or RGTI: Which Quantum Stock Stands Out on $2B Federal Fund?

Analyst Upgrades and Downgrades

Several research analysts have commented on RGTI shares. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Mizuho dropped their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Needham & Company LLC restated a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Finally, Rosenblatt Securities restated a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Stock Down 5.5%

The firm has a market capitalization of $8.49 billion, a P/E ratio of -29.36 and a beta of 1.79. The business has a 50-day moving average price of $17.79 and a 200-day moving average price of $20.52.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $4.40 million for 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%.Rigetti Computing’s quarterly revenue was up 198.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) earnings per share. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 18,759 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.96, for a total value of $430,706.64. Following the sale, the chief technology officer directly owned 713,155 shares in the company, valued at $16,374,038.80. This represents a 2.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the sale, the chief financial officer owned 171,927 shares in the company, valued at $3,945,724.65. This trade represents a 2.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 63,430 shares of company stock worth $1,233,336. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

Large investors have recently bought and sold shares of the stock. Heritage Wealth Advisors grew its position in Rigetti Computing by 454.3% in 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 period. Larson Financial Group LLC grew its position in Rigetti Computing by 138.4% in 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 period. PeakShares LLC bought a new stake in Rigetti Computing in the first quarter valued at $28,000. EFG International AG bought a new stake in Rigetti Computing in the fourth quarter valued at $28,000. Finally, Tsfg LLC grew its position in Rigetti Computing by 320.5% in 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 period. 35.38% of the stock is currently owned by institutional investors.

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.