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 on Tuesday, March 11th. The shares were 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 of the company’s stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock traded up $0.14 on Tuesday, reaching $8.05. 46,533,085 shares of the company traded hands, compared to its average volume of 44,582,889. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a 50 day moving average of $11.76 and a 200 day moving average of $5.97. The firm has a market capitalization of $1.55 billion, a PE ratio of -21.18 and a beta of 1.36.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley boosted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Benchmark reaffirmed a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Craig Hallum assumed coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has a consensus rating of “Buy” and a consensus price target of $14.50.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently made changes to their positions in the company. Silverleafe Capital Partners LLC purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $554,000. State Street Corp increased its stake in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares in the last quarter. Geode Capital Management LLC lifted its position in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the last quarter. Finally, Veracity Capital LLC purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $410,000. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Company Profile

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.