Shares of Rigetti Computing (RGTI) plunged 5.03% in intraday trading on Wednesday, following price target cuts from multiple analysts. The quantum computing company's stock faced pressure after both Benchmark and B. Riley lowered their expectations for the company's future performance.

Benchmark reduced its price target for Rigetti Computing from $50 to $40, while B. Riley made an even steeper cut, lowering its target from $42 to $35. These adjustments came in the wake of Rigetti's recently released Q3 earnings report, which may have influenced the analysts' revised outlooks.

Despite the negative sentiment from some quarters, Rigetti Computing still has its supporters on Wall Street. Needham analyst Quinn Bolton reiterated a Buy rating on the stock, maintaining a positive outlook on the company's prospects. According to FactSet, the average analyst rating for Rigetti Computing remains a "buy," with a mean price target of $40.50. This mixed sentiment highlights the ongoing debate about the company's future in the competitive quantum computing sector.