Rigetti Computing (NASDAQ:RGTI) Trading Down 1.6% - Here's What Happened

Key Points

• Rigetti shares fell 1.6% to $17.65 in Monday trading, with about 18 million shares changing hands—46% below average volume.
• Analysts remain broadly positive: seven rate the stock a Buy, four a Hold and one a Sell, producing a consensus “Moderate Buy” rating and an average price target of $30.67.
• The company met quarterly EPS expectations at a loss of $0.05 and slightly exceeded revenue estimates with $5.14 million, but insiders sold 728,901 shares worth $17.5 million over the past three months.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 1.6% during trading on Monday . The company traded as low as $17.49 and last traded at $17.65. Approximately 17,992,107 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 33,258,727 shares. The stock had previously closed at $17.94.

Analyst Upgrades and Downgrades

RGTI has been the topic of several research reports. Benchmark started coverage on shares of Rigetti Computing in a report on Monday, July 27th. They issued a "buy" rating and a $25.00 target price on the stock. Wedbush initiated coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They set an "outperform" rating and a $40.00 target price for the company. Northland Securities began coverage on Rigetti Computing in a report on Monday, April 20th. They set a "market perform" rating and a $20.00 price target on the stock. Rosenblatt Securities restated a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Friday. Finally, Weiss Ratings raised Rigetti Computing from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $30.67.

Rigetti Computing Stock Down 1.6%

The business's fifty day moving average is $18.28 and its 200-day moving average is $18.01. The company has a market cap of $5.87 billion, a PE ratio of -19.61 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting analysts' consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.82%. The business had revenue of $5.14 million during the quarter, compared to analysts' expectations of $5.09 million. Analysts forecast that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 84,944 shares of the business's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the completion of the sale, the director owned 95,537 shares of the company's stock, valued at approximately $1,963,285.35. The trade was a 47.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of the business's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the sale, the chief technology officer directly owned 325,945 shares of the company's stock, valued at $8,279,003. This represents a 60.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 728,901 shares of company stock worth $17,546,343 in the last three months. Corporate insiders own 1.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RGTI. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 12.2% during the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company's stock valued at $796,750,000 after acquiring an additional 3,924,171 shares during the period. State Street Corp raised its stake in Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company's stock worth $104,997,000 after acquiring an additional 946,850 shares during the period. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company's stock valued at $174,930,000 after purchasing an additional 196,891 shares in the last quarter. UBS Group AG lifted its holdings in Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company's stock valued at $91,788,000 after purchasing an additional 1,467,483 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Rigetti Computing by 16.3% in the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company's stock worth $84,785,000 after purchasing an additional 397,905 shares during the period. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Company Profile

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source