Shares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) dropped 3.6% during trading on Wednesday . The company traded as low as $15.16 and last traded at $15.24. 18,484,738 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 31,276,182 shares. The stock had previously closed at $15.81.
Rigetti Computing News Summary
Here are the key news stories impacting Rigetti Computing this week:
- Positive Sentiment: Rigetti signed a definitive agreement with the U.S. Department of Commerce for up to $100 million under the CHIPS and Science Act. The funding will support research and development aimed at scaling its superconducting quantum-computing systems, while the government receives a minority, non-controlling equity stake. The award could extend Rigetti’s cash runway, reduce financing pressure and validate quantum computing as a strategic technology. Rigetti Signs Definitive Agreement for $100M with U.S. Government to Accelerate R&D for Superconducting Quantum Computing
- Positive Sentiment: The government investment initially lifted Rigetti and other quantum stocks, with investors viewing direct federal ownership and CHIPS Act funding as strategic support for the industry. The capital may help finance hardware development without requiring an immediately dilutive equity offering. U.S. Gets Minority Stakes in D-Wave, Rigetti, Quantinuum in $300 Million CHIPS Act Funding Deal
- Neutral Sentiment: Analyst commentary continues to identify meaningful upside if Rigetti converts government backing and industry partnerships into commercial quantum deployments. However, the company remains a speculative investment with high share-price volatility and a long development timeline.
- Negative Sentiment: Rigetti still faces widening losses, uneven or “lumpy” revenue and risks in executing its technology roadmap. These concerns limit the immediate financial benefit of the award and make valuation sensitive to interest rates and investor appetite for unprofitable growth companies. Rising Losses Weigh on Rigetti’s Outlook: Sell or Hold RGTI Stock Now?
- Negative Sentiment: Quantum stocks broadly pulled back as rate-hike odds increased, making future cash flows from early-stage technology companies less attractive. A recent sale of 25,000 Rigetti shares by the company’s CFO also adds a modest insider-selling caution signal. Quantum Stocks Fall as Rate-Hike Odds Climb
Wall Street Analyst Weigh In
Several equities research analysts have commented on the stock. Jefferies Financial Group reissued a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Benchmark initiated coverage on Rigetti Computing in a report on Monday, July 27th. They set a “buy” rating and a $25.00 target price on the stock. Weiss Ratings raised Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Mizuho decreased their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Rigetti Computing currently has an average rating of “Hold” and an average price target of $30.67.
Rigetti Computing Stock Down 3.6%
The firm has a 50 day simple moving average of $16.27 and a 200-day simple moving average of $17.66. The stock has a market cap of $5.09 billion, a P/E ratio of -16.93 and a beta of 2.00.
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%.The business had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. On average, equities analysts anticipate that Rigetti Computing, Inc. will post -0.27 earnings per share for the current year.
Insider Activity at Rigetti Computing
In other Rigetti Computing news, CTO Andrew Bestwick sold 5,791 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.81, for a total transaction of $97,346.71. Following the completion of the sale, the chief technology officer directly owned 1,036,121 shares in the company, valued at $17,417,194.01. This trade represents a 0.56% 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, COO David Rivas sold 9,038 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total value of $151,748.02. Following the sale, the chief operating officer owned 316,907 shares of the company’s stock, valued at approximately $5,320,868.53. This represents a 2.77% decrease in their position. 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. In the last quarter, insiders have sold 128,633 shares of company stock worth $2,434,889. 1.60% of the stock is owned by corporate insiders.
Institutional Trading of Rigetti Computing
Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its position in Rigetti Computing by 106.2% during the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after buying an additional 113,644 shares during the period. AQR Capital Management LLC boosted its position in shares of Rigetti Computing by 138.9% in the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after acquiring an additional 47,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Rigetti Computing by 25.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after acquiring an additional 22,770 shares during the period. NewEdge Advisors LLC grew its stake in shares of Rigetti Computing by 197.8% in the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after acquiring an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in Rigetti Computing during the first quarter worth about $3,115,000. 35.38% of the stock is currently owned by institutional investors.
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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