Rigetti Computing (NASDAQ:RGTI) Stock Falls 4.3% - Here's What Happened

Key Points

• Rigetti Computing shares fell 4.3% to $15.95, with trading volume about 57% below the average session volume.
• Analyst sentiment remains mixed: the stock has an average rating of “Hold” and a consensus price target of $30.67, with ratings ranging from Sell to Buy.
• The company reported quarterly revenue of $5.14 million and an adjusted loss of $0.05 per share, while its CEO and CFO sold shares under pre-arranged trading plans during the past 90 days.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares were down 4.3% on Monday. The company traded as low as $15.89 and last traded at $15.95. Approximately 12,880,586 shares were traded during trading, a decline of 57% from the average session volume of 30,227,467 shares. The stock had previously closed at $16.66.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RGTI. Wedbush initiated coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They issued an "outperform" rating and a $40.00 target price for the company. Weiss Ratings cut shares of Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, September 17th. Wall Street Zen downgraded shares of Rigetti Computing from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Jefferies Financial Group restated a "hold" rating and set a $18.00 target price on shares of Rigetti Computing in a research report on Friday, August 7th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $30.67.

Rigetti Computing Stock Performance

The company has a market capitalization of $5.32 billion, a price-to-earnings ratio of -17.72 and a beta of 2.00. The firm has a fifty day moving average price of $16.07 and a 200-day moving average price of $17.53.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS 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 company had revenue of $5.14 million for the quarter, compared to analysts' expectations of $5.09 million. On average, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.27 EPS for the current fiscal year.

Insider Activity

In other Rigetti Computing news, CFO Jeffrey Bertelsen sold 25,000 shares of the firm's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the chief financial officer directly owned 168,067 shares of the company's stock, valued at $2,521,005. This trade represents a 12.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Subodh Kulkarni sold 120,000 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $15.68, for a total transaction of $1,881,600.00. Following the completion of the transaction, the chief executive officer owned 140,411 shares of the company's stock, valued at $2,201,644.48. The trade was a 46.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 163,689 shares of company stock valued at $2,570,890 in the last 90 days. 1.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RGTI. Sequoia Financial Advisors LLC lifted its stake in Rigetti Computing by 5.2% during the second quarter. Sequoia Financial Advisors LLC now owns 65,906 shares of the company's stock worth $1,273,000 after purchasing an additional 3,283 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of Rigetti Computing in the 2nd quarter valued at $365,000. NewEdge Advisors LLC increased its stake in shares of Rigetti Computing by 16.8% in the 2nd quarter. NewEdge Advisors LLC now owns 76,752 shares of the company's stock valued at $1,483,000 after purchasing an additional 11,058 shares during the last quarter. IFP Advisors Inc increased its stake in shares of Rigetti Computing by 85.5% in the 2nd quarter. IFP Advisors Inc now owns 12,784 shares of the company's stock valued at $247,000 after purchasing an additional 5,892 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in shares of Rigetti Computing by 116.0% during the 2nd quarter. Allworth Financial LP now owns 9,987 shares of the company's stock worth $193,000 after buying an additional 5,363 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti's offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.