Jeffrey Bertelsen Sells 25,000 Shares of Rigetti Computing (NASDAQ:RGTI) Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) CFO Jeffrey Bertelsen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the transaction, the chief financial officer directly owned 168,067 shares in the company, valued at $2,521,005. This trade represents a 12.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rigetti Computing Price Performance

Shares of NASDAQ RGTI opened at $15.20 on Friday. Rigetti Computing, Inc. has a 1-year low of $12.53 and a 1-year high of $58.15. The company has a market capitalization of $5.07 billion, a price-to-earnings ratio of -16.89 and a beta of 2.00. The business has a 50-day moving average of $16.42 and a 200-day moving average of $17.65.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The business had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. Research analysts expect that Rigetti Computing, Inc. will post -0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently made changes to their positions in the company. Heritage Wealth Advisors lifted its stake in Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares during the period. PeakShares LLC bought a new position in shares of Rigetti Computing in the 1st quarter worth about $28,000. EFG International AG bought a new position in shares of Rigetti Computing in the 4th quarter worth about $28,000. Finally, Tsfg LLC boosted its holdings in shares of Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RGTI has been the topic of a number of recent research reports. Zacks Research cut shares of Rigetti Computing from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Wedbush began coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They set an “outperform” rating and a $40.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a report on Tuesday, May 12th. Finally, Mizuho decreased their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $30.67.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.