Rigetti Computing (NASDAQ:RGTI) Shares Down 5.1% After Insider Selling

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 5.1% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $15.84 and last traded at $16.07. Approximately 24,690,027 shares changed hands during mid-day trading, a decline of 20% from the average daily volume of 31,055,541 shares. The stock had previously closed at $16.94.

Specifically, CTO David Rivas sold 36,719 shares of Rigetti Computing 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 $643,316.88. Following the transaction, the chief technology officer owned 651,914 shares of the company’s stock, valued at $11,421,533.28. This trade represents a 5.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. The trade was a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Jefferies Financial Group assumed coverage on Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price target for the company. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Thursday, January 22nd. Benchmark decreased their target price on Rigetti Computing from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Wedbush lifted their target price on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Finally, TD Cowen downgraded shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Rigetti Computing has an average rating of “Moderate Buy” and a consensus price target of $32.70.

Rigetti Computing Trading Down 5.1%

The firm has a fifty day moving average of $19.93 and a two-hundred day moving average of $25.88. The company has a market cap of $5.30 billion, a PE ratio of -23.63 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI) last released 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. The business had revenue of $1.87 million for the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. Rigetti Computing’s revenue for the quarter was down 17.9% on a year-over-year basis. Sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently modified their holdings of RGTI. Vanguard Group Inc. raised its holdings in Rigetti Computing by 12.2% during the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after acquiring an additional 3,924,171 shares during the period. State Street Corp boosted its holdings in shares of Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after acquiring an additional 946,850 shares during the period. Geode Capital Management LLC grew its position in shares of Rigetti Computing by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after purchasing an additional 196,891 shares in the last quarter. Marex Group plc bought a new stake in shares of Rigetti Computing during the 2nd quarter valued at $87,414,000. Finally, UBS Group AG raised its stake in shares of Rigetti Computing by 90.9% during the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after purchasing an additional 1,467,483 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.