Key Points
- Rigetti Computing director Ray Johnson sold 122,188 shares on June 8 at an average price of $21.30, totaling about $2.6 million. The sale, made under a pre-arranged 10b5-1 plan, reduced his ownership by 41.64%.
- The company recently beat earnings expectations, reporting an EPS loss of $0.04 versus the expected $0.05 loss and revenue of $4.4 million, up 198.9% year over year. Despite that growth, Rigetti remains unprofitable with negative margins.
- Analyst sentiment remains mostly positive, with eight Buy ratings and a consensus “Moderate Buy” rating. The average price target is $29.18, above the stock’s recent trading level.
Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) Director Ray Johnson sold 122,188 shares of the firm's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the sale, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. This represents a 41.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rigetti Computing Stock Performance
Shares of NASDAQ:RGTI opened at $19.44 on Thursday. The company has a market cap of $6.46 billion, a P/E ratio of -22.34 and a beta of 1.88. The stock's 50-day moving average is $19.08 and its 200-day moving average is $20.25. Rigetti Computing, Inc. has a 52-week low of $10.30 and a 52-week high of $58.15.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The company had revenue of $4.40 million for the quarter, compared to the consensus estimate 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 revenue was up 198.9% compared to the same quarter last year. During the same period last year, the business posted ($0.05) earnings per share. As a group, equities analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Clear Street Group Inc. bought a new position in shares of Rigetti Computing in the third quarter valued at approximately $47,752,000. Intech Investment Management LLC raised its stake in shares of Rigetti Computing by 66.3% in the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company's stock valued at $2,664,000 after acquiring an additional 47,935 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Rigetti Computing by 384.2% in the third quarter. Van ECK Associates Corp now owns 548,217 shares of the company's stock valued at $16,331,000 after acquiring an additional 434,995 shares during the last quarter. Spear Advisors LLC bought a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $2,062,000. Finally, Elevatus Welath Management bought a new position in shares of Rigetti Computing in the third quarter valued at approximately $4,284,000. Institutional investors own 35.38% of the company's stock.
More Rigetti Computing News
Here are the key news stories impacting Rigetti Computing this week:
- Positive Sentiment: Bernstein analyst Mark Newman reiterated a bullish view on Rigetti, saying the market may be overlooking the company in the quantum race and highlighting it as one of his top quantum picks. Rigetti Computing Is One of This Analyst’s Top Quantum Picks. The Case for Buying.
- Positive Sentiment: Rigetti was also framed as a potential beneficiary of renewed interest in quantum computing, with coverage pointing to customer adoption, government support, and the company’s progress toward quantum advantage. Rigetti Advances Toward Quantum Advantage With Cepheus Push
- Positive Sentiment: Schaeffers highlighted the stock as a possible “buy the dip” idea, reinforcing the view that recent weakness may be creating a trading opportunity. Buy the Dip on This Quantum Computing Stock
- Neutral Sentiment: Several articles revisited Rigetti’s post-earnings setup, noting it has gained modestly since its last report and that investors are looking to future earnings estimates for the next catalyst. Why Is Rigetti Computing (RGTI) Up 3.3% Since Last Earnings Report?
- Negative Sentiment: A director disclosed a sale of 122,188 shares under a pre-arranged 10b5-1 plan, which can still pressure sentiment even when the transaction is routine. SEC Form 4 filing
- Negative Sentiment: Broader market coverage pointed to risk-off trading and tech-sector weakness, which can weigh on speculative names like Rigetti even when company-specific news is constructive. Stock Market Today, June 9: Risk-Off Sentiment Pressures Nasdaq
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the company. Rosenblatt Securities reaffirmed a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, March 5th. Needham & Company LLC reissued a "buy" rating and set a $31.00 target price on shares of Rigetti Computing in a research report on Tuesday, May 12th. Benchmark decreased their target price on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, March 20th. TD Cowen downgraded Rigetti Computing from a "buy" rating to a "hold" rating in a research report on Thursday, February 12th. Finally, Northland Securities initiated coverage on Rigetti Computing in a research report on Monday, April 20th. They set a "market perform" rating and a $20.00 target price on the stock. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.18.
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About Rigetti Computing
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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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