Rigetti Computing (NASDAQ:RGTI) CFO Jeffrey Bertelsen Sells 4,270 Shares

Rigetti Computing, Inc. (NASDAQ:RGTI) CFO Jeffrey Bertelsen sold 4,270 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the sale, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at $3,076,669.68. The trade was a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Rigetti Computing Price Performance

NASDAQ RGTI traded down $0.05 on Wednesday, hitting $16.94. The stock had a trading volume of 23,319,507 shares, compared to its average volume of 31,190,313. The business’s fifty day moving average price is $20.03 and its 200 day moving average price is $25.94. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of -24.91 and a beta of 1.71. Rigetti Computing, Inc. has a 52-week low of $6.86 and a 52-week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm had revenue of $1.87 million during the quarter, compared to analyst estimates of $2.33 million. The company’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Jefferies Financial Group began coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They set a “hold” rating and a $30.00 price target on the stock. Finally, Mizuho decreased their price target on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of “Moderate Buy” and a consensus target price of $32.70.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently bought and sold shares of RGTI. Royal Bank of Canada raised its position in Rigetti Computing by 106.2% during the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after buying an additional 113,644 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Rigetti Computing by 138.9% in the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after acquiring an additional 47,115 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Rigetti Computing by 25.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after acquiring an additional 22,770 shares during the period. NewEdge Advisors LLC increased its stake in shares of Rigetti Computing by 197.8% in the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after acquiring an additional 16,998 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in shares of Rigetti Computing during the first quarter worth $3,115,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

About Rigetti Computing

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.