Rigetti Computing's stock experienced a significant intraday decline of 5.11% on Monday, continuing a downward trend for the quantum computing company.

The sharp drop reflects ongoing profit-taking pressure following the stock's substantial rally of over 50% in late May. That previous surge was driven by news that the U.S. Commerce Department announced approximately $2 billion in equity investment across nine quantum computing companies, with Rigetti expected to receive up to $100 million.

Adding to the selling pressure, company executive Rivas David recently filed a Form 144 signaling intent to sell 499,328 shares valued at approximately $12.68 million. Market analysts note that while the broader semiconductor sector showed mixed performance, Rigetti's decline appears more attributable to these stock-specific factors rather than sector-wide weakness.