Rigetti Computing (NASDAQ:RGTI) CFO Jeffrey Bertelsen Sells 25,000 Shares of Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) CFO Jeffrey Bertelsen sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the transaction, the chief financial officer directly owned 168,067 shares of the company’s stock, valued at approximately $2,521,005. This trade represents a 12.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rigetti Computing Trading Up 0.1%

Shares of RGTI stock opened at $15.20 on Friday. Rigetti Computing, Inc. has a twelve month low of $12.53 and a twelve month high of $58.15. The stock has a market cap of $5.07 billion, a P/E ratio of -16.89 and a beta of 2.00. The stock has a 50 day moving average of $16.42 and a 200 day moving average of $17.65.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The business had revenue of $5.14 million for the quarter, compared to analysts’ expectations of $5.09 million. On average, research analysts predict that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal 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 the stock. State Street Corp grew 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 valued at $104,997,000 after purchasing an additional 946,850 shares during the period. Geode Capital Management LLC increased its position in shares of Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after acquiring an additional 196,891 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Rigetti Computing by 1,861.8% in the 2nd quarter. California State Teachers Retirement System now owns 7,414,688 shares of the company’s stock valued at $143,252,000 after acquiring an additional 7,036,733 shares during the period. UBS Group AG raised its stake in shares of Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after acquiring an additional 1,467,483 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Rigetti Computing by 16.3% in the 3rd 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 during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Analyst Ratings Changes

RGTI has been the topic of a number of analyst reports. Needham & Company LLC restated a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a research report on Tuesday, May 12th. Jefferies Financial Group restated a “hold” rating and issued a $18.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Wedbush assumed coverage on Rigetti Computing in a research note on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price for the company. Mizuho decreased their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Finally, Weiss Ratings raised shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $30.67.

Rigetti Computing Company Profile

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.