Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4.3% - What's Next?

Key Points

• Rigetti shares fell 4.3% to $14.99, with trading volume of 13.05 million shares—59% below the average daily volume. The stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: seven analysts rate the stock a Buy, four a Hold, and two a Sell, producing a consensus Hold rating and average price target of $30.67.
• Rigetti met quarterly EPS expectations at a loss of $0.05 and reported $5.14 million in revenue, but continues to face significant losses. Insiders sold shares primarily to cover tax obligations, while institutional ownership stands at 35.38%.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 4.3% during mid-day trading on Tuesday . The company traded as low as $14.81 and last traded at $14.99. 13,049,442 shares traded hands during trading, a decline of 59% from the average daily volume of 31,628,842 shares. The stock had previously closed at $15.66.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on RGTI shares. Needham & Company LLC reaffirmed a "buy" rating and set a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Rosenblatt Securities reiterated a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Weiss Ratings downgraded shares of Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 11th. Wall Street Zen downgraded shares of Rigetti Computing from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Mizuho cut 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. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $30.67.

Rigetti Computing Stock Down 4.3%

The firm's fifty day moving average price is $16.76 and its 200 day moving average price is $17.69. The stock has a market cap of $5.00 billion, a PE ratio of -16.66 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly 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 company had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal year.

Insider Transactions at Rigetti Computing

In related news, CTO Andrew Joseph Bestwick sold 5,791 shares of the business's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.81, for a total value of $97,346.71. Following the sale, the chief technology officer directly owned 1,036,121 shares in the company, valued at approximately $17,417,194.01. The trade was a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.79, for a total value of $151,748.02. Following the transaction, the chief operating officer directly owned 316,907 shares of the company's stock, valued at approximately $5,320,868.53. The trade was 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 ninety days, insiders sold 225,821 shares of company stock valued at $4,662,494. 1.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RGTI. Corient Private Wealth LP increased its position in Rigetti Computing by 200.4% in the second quarter. Corient Private Wealth LP now owns 61,212 shares of the company's stock worth $1,183,000 after purchasing an additional 40,836 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Rigetti Computing during the second quarter valued at $655,000. California State Teachers Retirement System grew its stake in shares of Rigetti Computing by 1,861.8% in the 2nd quarter. California State Teachers Retirement System now owns 7,414,688 shares of the company's stock worth $143,252,000 after buying an additional 7,036,733 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in shares of Rigetti Computing in the 2nd quarter worth $133,000. Finally, Compass Financial Management LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter worth about $34,000. 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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