Rigetti Computing (NASDAQ:RGTI) Issues Earnings Results

Key Points

• Rigetti missed quarterly estimates: It reported a loss of $0.06 per share versus the $0.05 expected, while revenue of $1.41 million fell short of the $3.52 million consensus.
• Shares fell 6.4% on Tuesday, closing at $12.15.
• Analyst sentiment was mixed, but the stock had an overall Hold rating and a consensus price target of $29.33.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) announced its earnings results on Tuesday. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.01), FiscalAI reports. The company had revenue of $1.41 million for the quarter, compared to analysts' expectations of $3.52 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%.

Rigetti Computing Stock Down 6.4%

RGTI traded down $0.83 during trading on Tuesday, hitting $12.15. The company's stock had a trading volume of 17,447,145 shares, compared to its average volume of 28,026,885. Rigetti Computing has a one year low of $9.19 and a one year high of $32.18. The firm has a market cap of $4.06 billion, a PE ratio of -13.50 and a beta of 2.15. The business's 50 day simple moving average is $13.91 and its 200-day simple moving average is $16.84.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RGTI shares. Jefferies Financial Group restated a "hold" rating and issued a $18.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Zacks Research upgraded Rigetti Computing from a "strong sell" rating to a "hold" rating in a research report on Tuesday, October 6th. Weiss Ratings upgraded Rigetti Computing from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, October 21st. Benchmark began coverage on Rigetti Computing in a report on Monday, July 27th. They issued a "buy" rating and a $25.00 target price on the stock. Finally, Wall Street Zen cut Rigetti Computing from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $29.33.

Insider Buying and Selling at Rigetti Computing

In other news, CTO Andrew Bestwick sold 5,791 shares of the business's stock in a transaction 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 owned 1,036,121 shares of the company's stock, valued at $17,417,194.01. The trade was a 0.56% decrease in their position. The sale 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, COO David Rivas sold 9,038 shares of the company's stock in a transaction 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 completion of the sale, the chief operating officer owned 316,907 shares of the company's stock, valued at $5,320,868.53. This trade represents a 2.77% decrease in their ownership of the stock. 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. Over the last quarter, insiders have sold 163,689 shares of company stock worth $2,570,890. 1.60% of the stock is owned by insiders.

Rigetti Computing News Summary

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: B. Riley maintains a Buy rating and sees substantial potential upside, although it lowered its price target to $23 from $25. Recent gains across quantum-computing stocks after IonQ raised its outlook also provided a sector tailwind. B. Riley price-target article
• Neutral Sentiment: Rigetti is scheduled to report third-quarter results after the market closes on Nov. 10. Analysts’ consensus estimates call for $3.30 million in revenue and a loss of $0.06 per share, making the report a near-term catalyst. Rigetti earnings preview
• Negative Sentiment: Investors may be wary of Rigetti’s results after D-Wave reported a wider-than-expected loss and rising costs, weighing on quantum stocks despite its revenue beat. Rigetti’s earnings are also expected to be scrutinized for cash burn, progress toward commercialization, and profitability. Quantum stocks react to D-Wave results Cash-burn concerns ahead of earnings

About Rigetti Computing

Rigetti Computing develops superconducting quantum computers and related software. Its work spans the design and manufacture of quantum processors, as well as systems that connect quantum processors with conventional computing infrastructure. The company offers access to its quantum computers and development tools through its Quantum Cloud Services platform. It also provides quantum hardware for on-premises use, serving customers and research organizations exploring quantum applications. Founded in 2013 by physicist Chad Rigetti, the company is based in Berkeley, California.

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