Insider Selling: Rigetti Computing (NASDAQ:RGTI) CTO Sells 44,355 Shares of Stock

Key Points

• David Rivas, CTO of Rigetti Computing, sold 44,355 shares of stock for a total of $658,671.75, reducing his ownership by 5.72% to 730,568 shares.
• Rigetti's stock price fell to $14.76, with a market cap of $4.29 billion and significant trading volume differences compared to its average.
• Several analysts have rated Rigetti Computing stock as a "buy," with price targets ranging from $15.00 to $20.00 and an average price target of $17.43.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) CTO David Rivas sold 44,355 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total value of $658,671.75. Following the sale, the chief technology officer owned 730,568 shares of the company's stock, valued at approximately $10,848,934.80. This represents a 5.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI traded up $0.55 during midday trading on Friday, hitting $14.82. 29,653,087 shares of the stock traded hands, compared to its average volume of 37,196,240. The company has a market cap of $4.30 billion, a PE ratio of -19.50 and a beta of 1.44. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42. The business has a 50 day moving average price of $14.17 and a two-hundred day moving average price of $11.57.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RGTI shares. Needham & Company LLC boosted their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a report on Monday, August 4th. Cantor Fitzgerald started coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research note on Wednesday, July 16th. Williams Trading set a $20.00 price target on Rigetti Computing in a research note on Wednesday, August 13th. Finally, B. Riley lifted their price target on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $17.43.

Institutional Trading of Rigetti Computing

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 20.7% during the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after acquiring an additional 2,430,758 shares during the period. State Street Corp lifted its holdings in Rigetti Computing by 12.0% during 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. Marex Group plc bought a new stake in Rigetti Computing during the second quarter worth $87,414,000. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 22.9% during the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock worth $76,910,000 after acquiring an additional 1,206,925 shares during the period. Finally, UNICOM Systems Inc. lifted its holdings in Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after acquiring an additional 3,521,935 shares during the period. Institutional investors own 35.38% of the company's stock.

About Rigetti Computing

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.