Rigetti Computing (NASDAQ:RGTI) Director Sells $2,602,604.40 in Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Ray Johnson sold 122,188 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the transaction, the director owned 171,273 shares of the company’s stock, valued at approximately $3,648,114.90. This represents a 41.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rigetti Computing Stock Down 9.5%

Shares of Rigetti Computing stock opened at $19.69 on Wednesday. The business’s 50 day moving average is $18.95 and its 200-day moving average is $20.27. Rigetti Computing, Inc. has a 12-month low of $10.30 and a 12-month high of $58.15. The stock has a market cap of $6.54 billion, a P/E ratio of -22.63 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The company’s revenue for the quarter was up 198.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.05) earnings per share. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on RGTI. Needham & Company LLC reiterated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Benchmark cut their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Rosenblatt Securities reissued a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Finally, Northland Securities began coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Rigetti Computing by 40.4% in the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Rigetti Computing by 1,632.5% during the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after purchasing an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. bought a new stake in Rigetti Computing in the 2nd quarter valued at $21,887,000. Norges Bank acquired a new position in Rigetti Computing in the 4th quarter valued at $38,889,000. Finally, Clear Street Group Inc. acquired a new position in Rigetti Computing in the 3rd quarter valued at $47,752,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.