Rigetti Computing's stock plummeted 5.86% in pre-market trading on Thursday, as the quantum computing company faced significant selling pressure following its latest financial report.

The sharp decline came after Rigetti reported fourth-quarter revenue of $1.87 million, which fell short of analysts' expectations of $2.3 million. While the company's adjusted loss per share of 3 cents matched consensus estimates, the revenue miss and a widening operating loss to $22.6 million disappointed investors.

Adding to the negative sentiment, multiple prominent analysts moved to lower their price targets on Rigetti shares. Jefferies reduced its target to $20 from $30, Mizuho Securities cut its target to $43 from $50, and Needham lowered its target to $31 from $51. These actions reflect growing concerns about the company's commercial progress and path to profitability in the competitive quantum computing sector.