Rigetti Computing, Inc. (NASDAQ:RGTI) CTO Sells $2,729,851.60 in Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) CTO David Rivas sold 351,785 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Rigetti Computing Trading Up 1.8 %

Shares of RGTI opened at $8.05 on Wednesday. The firm’s 50 day simple moving average is $11.61 and its 200 day simple moving average is $6.02. The company has a market capitalization of $1.55 billion, a P/E ratio of -21.18 and a beta of 1.37. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period last year, the firm posted ($0.04) earnings per share. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RGTI. Needham & Company LLC reissued a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley increased their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Benchmark reissued a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has a consensus rating of “Buy” and a consensus target price of $14.50.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Allworth Financial LP grew its position in Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after acquiring an additional 1,504 shares during the last quarter. Signaturefd LLC purchased a new position in shares of Rigetti Computing during the fourth quarter worth approximately $25,000. Legal & General Group Plc raised its stake in shares of Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock worth $214,000 after acquiring an additional 1,817 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the fourth quarter worth approximately $28,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after acquiring an additional 2,045 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.