Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report)’s share price traded down 8.6% on Wednesday . The company traded as low as $19.46 and last traded at $19.44. 20,692,583 shares changed hands during trading, a decline of 42% from the average session volume of 35,942,316 shares. The stock had previously closed at $21.28.
Trending Headlines about Rigetti Computing
Here are the key news stories impacting Rigetti Computing this week:
- Positive Sentiment: Rigetti continues to benefit from renewed U.S. government support for quantum computing, including executive orders aimed at boosting industry development and post-quantum security, which could improve funding and commercialization prospects.
- Positive Sentiment: Recent commentary highlighted Rigetti’s cash position, analyst-implied upside, and chiplet momentum as reasons it may remain one of the stronger pure-play quantum names after Quantinuum’s IPO.
- Positive Sentiment: The company’s last reported quarter beat expectations on both EPS and revenue, showing that execution is improving even though profitability remains deeply negative.
- Neutral Sentiment: Quantum-computing stocks have been trading in a mixed fashion overall, suggesting investors are still sorting out which companies have the best long-term fundamentals versus speculative hype.
- Negative Sentiment: Director Ray O. Johnson sold 84,944 shares of Rigetti stock in a pre-arranged Rule 10b5-1 transaction, which can weigh on sentiment even if the sale was planned in advance.
- Negative Sentiment: Analysts remain cautious about near-term valuation, with some recent coverage warning that rich pricing and macro pressure could limit upside despite the company’s long-term promise.
Analysts Set New Price Targets
RGTI has been the subject of a number of recent research reports. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Northland Securities started coverage on Rigetti Computing in a research report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Benchmark lowered their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Finally, 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. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.18.
Rigetti Computing Stock Performance
The company’s 50-day moving average price is $20.34 and its 200-day moving average price is $19.99. The firm has a market capitalization of $6.48 billion, a PE ratio of -22.19 and a beta of 1.88.
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The company 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 last year, the firm earned ($0.05) earnings per share. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.
Insider Activity at Rigetti Computing
In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 171,927 shares in the company, valued at $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, Director Ray O. Johnson sold 122,188 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction 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. The trade was a 41.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 728,901 shares of company stock valued at $17,546,343 over the last three months. 1.60% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Rigetti Computing
Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Rigetti Computing by 12.2% in the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after purchasing an additional 3,924,171 shares during the last quarter. State Street Corp grew its stake in Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after buying an additional 946,850 shares during the last quarter. Geode Capital Management LLC increased its position in Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after buying an additional 196,891 shares during the period. UBS Group AG increased its position in Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares during the period. Finally, Northern Trust Corp lifted its stake in Rigetti Computing by 16.3% in the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock valued at $84,785,000 after buying an additional 397,905 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other 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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