Insider Selling: Rigetti Computing (NASDAQ:RGTI) Director Sells 84,944 Shares

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Ray Johnson sold 84,944 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the transaction, the director directly owned 95,537 shares in the company, valued at approximately $1,963,285.35. This trade represents a 47.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rigetti Computing Stock Up 0.1%

Shares of NASDAQ RGTI traded up $0.02 during midday trading on Monday, hitting $21.38. The company had a trading volume of 37,333,570 shares, compared to its average volume of 35,985,406. Rigetti Computing, Inc. has a twelve month low of $10.30 and a twelve month high of $58.15. The business has a 50-day simple moving average of $20.07 and a two-hundred day simple moving average of $20.05. The firm has a market capitalization of $7.11 billion, a price-to-earnings ratio of -24.57 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The firm’s revenue was up 198.9% on a year-over-year basis. On average, equities analysts forecast that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently bought and sold shares of the stock. Heritage Wealth Advisors raised its holdings in shares of Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the last quarter. PeakShares LLC acquired a new stake in shares of Rigetti Computing during the first quarter valued at $28,000. EFG International AG purchased a new stake in Rigetti Computing during the 4th quarter worth about $28,000. Finally, Tsfg LLC increased its position in Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RGTI. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Northland Securities assumed coverage on Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, June 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Finally, Mizuho decreased their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus 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.