Rigetti Computing (NASDAQ:RGTI) CTO David Rivas Sells 499,328 Shares

Rigetti Computing, Inc. (NASDAQ:RGTI) CTO David Rivas sold 499,328 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This represents a 60.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

David Rivas also recently made the following trade(s):

• On Friday, May 22nd, David Rivas sold 18,759 shares of Rigetti Computing stock. The stock was sold at an average price of $22.96, for a total transaction of $430,706.64.
• On Tuesday, March 10th, David Rivas sold 36,719 shares of Rigetti Computing stock. The shares were sold at an average price of $17.52, for a total value of $643,316.88.

Rigetti Computing Stock Up 0.4%

Shares of NASDAQ:RGTI traded up $0.09 during trading on Monday, hitting $25.63. 69,737,332 shares of the company traded hands, compared to its average volume of 34,788,262. The stock has a market capitalization of $8.52 billion, a price-to-earnings ratio of -29.46 and a beta of 1.88. The business’s fifty day moving average is $17.79 and its 200-day moving average is $20.43. Rigetti Computing, Inc. has a one year low of $10.30 and a one year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same quarter last year, the business posted ($0.05) EPS. The business’s revenue was up 198.9% on a year-over-year basis. On average, analysts forecast that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. increased its position in shares of 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 purchasing an additional 3,924,171 shares during the period. State Street Corp boosted its stake in Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after buying an additional 946,850 shares in the last quarter. Geode Capital Management LLC grew its holdings in Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after acquiring an additional 196,891 shares during the period. UBS Group AG grew its holdings in Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after acquiring an additional 1,467,483 shares during the period. Finally, Northern Trust Corp raised its position in Rigetti Computing by 16.3% in the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after acquiring an additional 397,905 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on RGTI shares. TD Cowen downgraded shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Benchmark cut their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Rosenblatt Securities reissued a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, March 5th. Northland Securities assumed coverage on shares of 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. Finally, Mizuho cut their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $29.18.

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.