Insider Selling: Rigetti Computing (NASDAQ:RGTI) Director Sells 100,000 Shares of Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Thomas Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the sale, the director directly owned 14,902 shares of the company’s stock, valued at approximately $290,589. This trade represents a 87.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $20.00 on Wednesday. The stock has a market capitalization of $6.48 billion, a price-to-earnings ratio of -26.32 and a beta of 1.44. Rigetti Computing, Inc. has a 1-year low of $0.71 and a 1-year high of $21.42. The business’s fifty day moving average price is $15.68 and its 200-day moving average price is $12.19.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RGTI shares. Benchmark increased their price target on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, August 13th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Cantor Fitzgerald began coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price target for the company. Needham & Company LLC raised their price objective on Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, August 4th. Finally, Williams Trading set a $20.00 price objective on Rigetti Computing in a research note on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $17.43.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. lifted its holdings in shares of Rigetti Computing by 20.7% in the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company’s stock worth $112,283,000 after buying an additional 2,430,758 shares during the period. State Street Corp raised its holdings in shares of Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after acquiring an additional 946,850 shares in the last quarter. Marex Group plc purchased a new stake in Rigetti Computing in the second quarter worth about $87,414,000. Geode Capital Management LLC lifted its stake in Rigetti Computing by 22.9% in the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock worth $76,910,000 after acquiring an additional 1,206,925 shares during the period. Finally, UNICOM Systems Inc. grew its holdings in Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock worth $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.