Rigetti Computing (NASDAQ:RGTI) Trading Down 1.2% Following Insider Selling

Key Points

• Rigetti Computing shares fell 1.2% after director Ray O. Johnson sold 122,188 shares in a pre-arranged Rule 10b5-1 transaction worth about $2.6 million. The stock traded as low as $19.38 amid lighter-than-average volume.
• Despite the pullback, Wall Street sentiment remains mostly positive: the stock carries a “Moderate Buy” consensus with an average price target of $29.18. Analysts cited include Needham at $31 and Rosenblatt at $40, though some firms remain more cautious.
• Recent news has also highlighted Rigetti’s quantum computing progress, including its 108-qubit Cepheus system and continued customer adoption. The company’s latest quarter beat EPS and revenue estimates, with revenue up nearly 199% year over year.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 1.2% on Wednesday following insider selling activity. The stock traded as low as $19.38 and last traded at $19.45. Approximately 32,319,212 shares were traded during trading, a decline of 10% from the average daily volume of 35,922,926 shares. The stock had previously closed at $19.69.

Specifically, Director Ray O. Johnson sold 122,188 shares of the company's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $21.30, for a total value of $2,602,604.40. Following the transaction, the director owned 171,273 shares of the company's stock, valued at $3,648,114.90. This represents a 41.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analyst Weigh In

RGTI has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued 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 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Northland Securities started coverage on Rigetti Computing in a report on Monday, April 20th. They issued a "market perform" rating and a $20.00 target price for the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Finally, TD Cowen cut Rigetti Computing from a "buy" rating to a "hold" rating in a report on Thursday, February 12th. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing has a consensus rating of "Moderate Buy" and an average price target of $29.18.

Key Rigetti Computing News

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

• Positive Sentiment: Bernstein said the market may be underestimating Rigetti’s position in the quantum race and highlighted it as a potential early winner, which is helping sentiment around the stock. Rigetti Computing Is One of This Analyst’s Top Quantum Picks. The Case for Buying.
• Positive Sentiment: Zacks noted that Rigetti is advancing toward “quantum advantage” with its 108-qubit Cepheus system, rising customer adoption, and a three-year target for quantum advantage, reinforcing the long-term growth narrative. Rigetti Advances Toward Quantum Advantage With Cepheus Push
• Positive Sentiment: Several articles point to Rigetti as one of the more interesting quantum stocks for investors, with hedge-fund interest and “buy the dip” coverage supporting demand for the shares. Buy the Dip on This Quantum Computing Stock
• Neutral Sentiment: Recent “since last earnings report” coverage mostly frames the stock’s move as a function of post-earnings expectations and analyst estimates, rather than a new company-specific catalyst. Why Is Rigetti Computing (RGTI) Up 3.3% Since Last Earnings Report?
• Negative Sentiment: Director Ray O. Johnson sold 122,188 shares in a pre-arranged 10b5-1 transaction, which can weigh on investor confidence even though it was scheduled in advance. SEC Form 4 filing
• Negative Sentiment: Broader risk-off trading in the Nasdaq and a tougher backdrop for pure-play quantum stocks may be limiting upside and adding volatility to RGTI. Stock Market Today, June 9: Risk-Off Sentiment Pressures Nasdaq

Rigetti Computing Stock Performance

The stock has a market capitalization of $6.48 billion, a PE ratio of -22.39 and a beta of 1.88. The business has a 50 day moving average of $18.95 and a two-hundred day moving average of $20.27.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.01. The firm had revenue of $4.40 million during 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%.The firm's quarterly revenue was up 198.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.05) EPS. On average, equities analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently made changes to their positions in RGTI. Heritage Wealth Advisors lifted its stake in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock worth $26,000 after purchasing an additional 954 shares during the last quarter. Larson Financial Group LLC raised its stake in Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock valued at $27,000 after buying an additional 707 shares during the last quarter. PeakShares LLC purchased a new stake in Rigetti Computing in the first quarter valued at about $28,000. EFG International AG purchased a new stake in Rigetti Computing in the fourth quarter valued at about $28,000. Finally, Tsfg LLC raised its stake in Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company's stock valued at $29,000 after buying an additional 1,000 shares during the last quarter. 35.38% of the stock is currently 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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