Insider Selling: Rigetti Computing (NASDAQ:RGTI) Director Sells $1,425,000.00 in Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Michael Clifton sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the transaction, the director owned 653,766 shares in the company, valued at approximately $12,421,554. This trade represents a 10.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Rigetti Computing Trading Up 9.9%

Shares of RGTI opened at $21.99 on Thursday. The firm has a market cap of $7.13 billion, a PE ratio of -28.93 and a beta of 1.44. The company’s 50 day simple moving average is $15.84 and its 200-day simple moving average is $12.26. Rigetti Computing, Inc. has a 12-month low of $0.71 and a 12-month high of $22.13.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data 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. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The firm had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. As a group, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RGTI. BNP Paribas Financial Markets acquired a new position in Rigetti Computing in the 4th quarter valued at about $316,000. Bank of America Corp DE raised its stake in Rigetti Computing by 536.3% in the 4th quarter. Bank of America Corp DE now owns 505,070 shares of the company’s stock valued at $7,707,000 after purchasing an additional 425,689 shares during the last quarter. Captrust Financial Advisors acquired a new position in Rigetti Computing in the 4th quarter valued at about $329,000. Cetera Investment Advisers increased its stake in shares of Rigetti Computing by 118.8% during the 4th quarter. Cetera Investment Advisers now owns 42,456 shares of the company’s stock valued at $648,000 after acquiring an additional 23,056 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Rigetti Computing by 79.5% during the 4th quarter. Deutsche Bank AG now owns 158,501 shares of the company’s stock valued at $2,419,000 after acquiring an additional 70,200 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on RGTI shares. Benchmark lifted their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research report on Wednesday, July 16th. Needham & Company LLC lifted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, According to MarketBeat, Rigetti Computing currently has an average rating of “Buy” and an average target price of $17.43.

About Rigetti Computing

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.