Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4.6% After Earnings Miss

Key Points

• Rigetti shares fell 4.6% to about $11.59 after its earnings announcement; trading volume was 56% below the average session volume.
• The company reported a quarterly loss of $0.06 per share, missing the $0.05 consensus, while revenue of $1.41 million came in well below the $3.51 million estimate and fell 27.5% year over year.
• Analyst views remain mixed: Needham cut its price target from $31 to $15 but kept a Buy rating, while MarketBeat’s average rating is Hold with a $26 average target.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares traded down 4.6% during mid-day trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $11.55 and last traded at $11.5880. 12,189,116 shares were traded during mid-day trading, a decline of 56% from the average session volume of 27,974,863 shares. The stock had previously closed at $12.15.

The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.01). The firm had revenue of $1.41 million for the quarter, compared to the consensus estimate of $3.51 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The firm's revenue for the quarter was down 27.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.03) earnings per share.

More Rigetti Computing News

Here's some of the latest news about RGTI:

• Positive Sentiment: Rigetti reported 99.5% median two-qubit fidelity on its 108-qubit system, a technical milestone supporting its chiplet-based architecture. Rigetti Computing Reports Third Quarter 2026 Financial Results
• Neutral Sentiment: Needham lowered its price target to $15 from $31 but maintained a Buy rating, indicating potential upside from the referenced $12.15 price while reflecting a much more cautious valuation. Tickerreport.com coverage of Needham's target change
• Negative Sentiment: Q3 revenue was $1.41 million, well below analyst expectations of roughly $3.5 million and down 27.5% year over year. The reported loss per share of $0.06 also missed the $0.05 consensus estimate, weighing on investor sentiment. Rigetti Reports Q3 Loss, Misses Revenue Estimates

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RGTI shares. Rosenblatt Securities reaffirmed a "buy" rating and issued a $40.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Needham & Company LLC lowered their target price on Rigetti Computing from $31.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday. Weiss Ratings upgraded shares of Rigetti Computing from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, October 21st. Jefferies Financial Group reiterated a "hold" rating and set a $18.00 price objective on shares of Rigetti Computing in a research note on Friday, August 7th. Finally, Zacks Research upgraded Rigetti Computing from a "strong sell" rating to a "hold" rating in a research note on Tuesday, October 6th. Six analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Rigetti Computing currently has an average rating of "Hold" and an average target price of $26.00.

Insider Transactions at Rigetti Computing

In related news, CTO Andrew 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 business's stock in a transaction dated 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 in the company, valued at $5,320,868.53. This represents a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 163,689 shares of company stock worth $2,570,890. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

Large investors have recently added to or reduced their stakes in the company. Wealth Management Partners LLC boosted its position in shares of Rigetti Computing by 1.7% during the 3rd quarter. Wealth Management Partners LLC now owns 52,598 shares of the company's stock valued at $828,000 after acquiring an additional 869 shares during the last quarter. Arizona State Retirement System grew its position in Rigetti Computing by 1.1% in the second quarter. Arizona State Retirement System now owns 91,650 shares of the company's stock worth $1,771,000 after acquiring an additional 1,000 shares in the last quarter. Allworth Financial LP increased its stake in Rigetti Computing by 10.1% during the third quarter. Allworth Financial LP now owns 10,998 shares of the company's stock worth $173,000 after acquiring an additional 1,011 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Rigetti Computing by 31.8% during the first quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company's stock worth $65,000 after acquiring an additional 1,121 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC raised its position in Rigetti Computing by 10.7% during the third quarter. Prime Capital Investment Advisors LLC now owns 11,654 shares of the company's stock valued at $183,000 after purchasing an additional 1,128 shares during the period. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Price Performance

The business has a 50-day simple moving average of $13.84 and a 200-day simple moving average of $16.78. The firm has a market capitalization of $3.86 billion, a PE ratio of -12.89 and a beta of 2.15.

Rigetti Computing Company Profile

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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