Shares of Rigetti Computing (RGTI) plummeted 5.03% in intraday trading, as investors reacted to the company's recent Q3 earnings report and subsequent analyst actions. The quantum computing firm faced a wave of price target reductions from multiple research firms, despite maintaining some positive sentiment from certain analysts.

Following Rigetti's Q3 2025 financial report release, both Benchmark and B. Riley adjusted their outlook on the stock. Benchmark lowered its target price for Rigetti from $50 to $40, while B. Riley cut its target from $42 to $35, maintaining a Neutral rating. These downward revisions suggest that the company's quarterly performance may have fallen short of some analysts' expectations, prompting a reassessment of the stock's valuation.

However, it wasn't all negative for Rigetti. Needham analyst Quinn Bolton reiterated a Buy rating on the stock, indicating a "steady climb ahead" for the company. This mixed analyst sentiment, combined with the overall market's interpretation of Rigetti's Q3 results, appears to be driving the significant stock movement. Investors will likely be closely watching for any further analyst updates and the company's future performance to gauge the long-term prospects of this quantum computing player.