Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) traded down 5.1% on Tuesday . The company traded as low as $17.52 and last traded at $17.71. Approximately 13,654,289 shares were traded during mid-day trading, a decline of 58% from the average session volume of 32,570,262 shares. The stock had previously closed at $18.67.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on RGTI. Benchmark began coverage on shares of Rigetti Computing in a research note on Monday, July 27th. They set a “buy” rating and a $25.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings downgraded Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 11th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.
Get Our Latest Stock Analysis on Rigetti Computing
Rigetti Computing Stock Performance
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). The business had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.22 EPS for the current year.
Insider Transactions at Rigetti Computing
In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was 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 directly owned 171,927 shares in the company, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the sale, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. This represents 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. In the last quarter, insiders sold 728,901 shares of company stock worth $17,546,343. 1.60% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the business. Heritage Wealth Advisors lifted its holdings in Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares during the period. PeakShares LLC bought a new stake in shares of Rigetti Computing in the 1st quarter worth approximately $28,000. EFG International AG bought a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $28,000. Finally, Tsfg LLC boosted its position in Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares during the period. 35.38% of the stock is 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.
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