Rigetti Computing (NASDAQ:RGTI) Shares Down 2.6% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were down 2.6% during trading on Friday . The stock traded as low as $16.37 and last traded at $16.54. Approximately 17,646,510 shares changed hands during trading, a decline of 50% from the average session volume of 35,045,766 shares. The stock had previously closed at $16.99.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RGTI. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research report on Thursday, June 11th. Needham & Company LLC restated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Finally, Mizuho dropped their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.60.

Rigetti Computing Trading Down 2.6%

The stock has a fifty day simple moving average of $20.44 and a two-hundred day simple moving average of $19.33. The company has a market cap of $5.50 billion, a PE ratio of -19.01 and a beta of 1.95.

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

Insiders Place Their Bets

In other Rigetti Computing news, Director Ray O. Johnson sold 84,944 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the sale, the director directly owned 95,537 shares in the company, valued at approximately $1,963,285.35. The trade was a 47.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s 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 directly owned 171,927 shares in the company, valued at approximately $3,945,724.65. This trade represents a 2.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 728,901 shares of company stock worth $17,546,343. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Rigetti Computing by 12.2% during the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after purchasing an additional 3,924,171 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Rigetti Computing by 1,632.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after buying an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Rigetti Computing in the second quarter valued at $21,887,000. Norges Bank acquired a new position in shares of Rigetti Computing during the 4th quarter worth $38,889,000. Finally, Clear Street Group Inc. acquired a new position in shares of Rigetti Computing during the 3rd quarter worth $47,752,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.