Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report)’s stock price dropped 5.3% on Wednesday . The stock traded as low as $14.91 and last traded at $15.25. Approximately 22,239,919 shares were traded during mid-day trading, a decline of 36% from the average session volume of 34,779,543 shares. The stock had previously closed at $16.11.
Analysts Set New Price Targets
RGTI has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Benchmark dropped their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Mizuho cut their target price 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. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, Northland Securities assumed 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 target for the company. 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 company presently has an average rating of “Moderate Buy” and a consensus price target of $30.60.
View Our Latest Stock Analysis on RGTI
Rigetti Computing Stock Down 5.3%
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $4.40 million during the quarter, compared to the consensus estimate 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 in the prior year, the company earned ($0.05) earnings per share. As a group, equities analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the sale, the chief financial officer owned 171,927 shares of the company’s stock, valued at $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 122,188 shares of Rigetti Computing stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the transaction, the director owned 171,273 shares of the company’s stock, valued at $3,648,114.90. The trade was a 41.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 728,901 shares of company stock worth $17,546,343 in the last three months. 1.60% of the stock is owned by corporate insiders.
Institutional Trading of Rigetti Computing
Several hedge funds and other institutional investors have recently made changes to their positions in RGTI. Vanguard Group Inc. raised its stake in Rigetti Computing by 12.2% during the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after buying an additional 3,924,171 shares during the last quarter. State Street Corp increased its holdings in shares of Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after acquiring an additional 946,850 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after acquiring an additional 196,891 shares in the last quarter. UBS Group AG raised its position in shares of Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after purchasing an additional 1,467,483 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Rigetti Computing by 16.3% in the 3rd quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after purchasing an additional 397,905 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.
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.
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