Insider Selling: Rigetti Computing (NASDAQ:RGTI) Director Sells 17,635 Shares of Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Helene Gail Sandford sold 17,635 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $24.75, for a total value of $436,466.25. Following the completion of the transaction, the director directly owned 182,371 shares of the company’s stock, valued at $4,513,682.25. This represents a 8.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Helene Gail Sandford also recently made the following trade(s):

• On Friday, September 12th, Helene Gail Sandford sold 25,000 shares of Rigetti Computing stock. The shares were sold at an average price of $18.54, for a total value of $463,500.00.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $31.46 on Wednesday. The business has a 50 day moving average of $17.09 and a 200-day moving average of $12.84. Rigetti Computing, Inc. has a 1 year low of $0.71 and a 1 year high of $32.40. The company has a market capitalization of $10.20 billion, a P/E ratio of -41.39 and a beta of 1.44.

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

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. increased its stake in Rigetti Computing by 119.2% during the 2nd quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock valued at $3,087,000 after purchasing an additional 141,541 shares in the last quarter. Marex Group plc bought a new position in Rigetti Computing during the 2nd quarter valued at $87,414,000. Geneos Wealth Management Inc. lifted its stake in Rigetti Computing by 88.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 5,097 shares of the company’s stock valued at $60,000 after acquiring an additional 2,397 shares in the last quarter. Hollencrest Capital Management lifted its stake in Rigetti Computing by 458.3% during the 2nd quarter. Hollencrest Capital Management now owns 4,020 shares of the company’s stock valued at $48,000 after acquiring an additional 3,300 shares in the last quarter. Finally, FORA Capital LLC lifted its stake in Rigetti Computing by 30.2% during the 2nd quarter. FORA Capital LLC now owns 151,419 shares of the company’s stock valued at $1,796,000 after acquiring an additional 35,080 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

Analyst Upgrades and Downgrades

RGTI has been the subject of a number of recent analyst reports. Benchmark increased their target price 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. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 target price for the company. B. Riley increased their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the company a “buy” rating in a research report on Monday. Finally, Williams Trading set a $20.00 target price on shares of Rigetti Computing in a research report on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $19.71.

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.