Rigetti Slumps 3.32 as $320M Volume Ranks 269th Amid Institutional Jitters and Quantum Catalysts

On August 21, 2025, Rigetti Computing (RGTI) closed with a 3.32% decline, trading at a volume of $320 million, ranking 269th in market activity. The stock’s recent performance reflects a mix of institutional activity and strategic developments.

Recent institutional activity highlighted diverging investor sentiment. CIBC Private Wealth Group acquired 80,000 shares, while insider Alissa Fitzgerald sold 8,000 shares. Institutional ownership remains concentrated, with individual investors holding 46% of the float. Notably, Vanguard Group and State Street Corp increased stakes in Q2, adding 2.43 million and 946,850 shares, respectively. These moves contrast with short interest declines, which dropped 23.1% in early September.

Strategic catalysts included a five-year contract with the Air Force Research Lab for quantum foundry services, announced in late August. Analysts at Benchmark and Needham & Company upgraded price targets to $20.00 and $18.00, respectively, reinforcing a "Buy" consensus. However, leadership transitions, including CEO Chad Rigetti’s shift to product-focused roles, introduced uncertainty. Institutional put options activity in October also signaled defensive positioning.

A backtest of a volume-weighted strategy from 2022 to 2025 showed a 7.61% total return over 365 days, with a 1.98% average daily return. The approach yielded a Sharpe ratio of 0.94 but faced a -29.16% maximum drawdown, underscoring market volatility risks.