Rigetti Computing (NASDAQ:RGTI) CFO Sells $375,000.00 in Stock

Key Points

• Rigetti CFO Jeffrey Bertelsen sold 25,000 shares at an average price of $15, generating $375,000; the sale reduced his position by 12.95% and was conducted under a pre-arranged Rule 10b5-1 plan.
• Rigetti shares edged up 0.1% to $15.20, while the company reported quarterly revenue of $5.14 million and an adjusted loss of $0.05 per share, in line with analyst expectations.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $30.67 average price target; institutional investors own 35.38% of the stock.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) CFO Jeffrey Bertelsen sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the sale, the chief financial officer 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rigetti Computing Stock Up 0.1%

Shares of RGTI traded up $0.02 during mid-day trading on Friday, hitting $15.20. 10,581,599 shares of the company's stock traded hands, compared to its average volume of 31,287,109. The firm has a market capitalization of $5.07 billion, a P/E ratio of -16.89 and a beta of 2.00. The business's 50-day moving average price is $16.48 and its 200-day moving average price is $17.67. Rigetti Computing, Inc. has a 1 year low of $12.53 and a 1 year high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting analysts' consensus estimates of ($0.05). The company had revenue of $5.14 million during the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on RGTI. Wedbush started coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They issued an "outperform" rating and a $40.00 price target for the company. Weiss Ratings upgraded Rigetti Computing from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday. Benchmark started coverage on Rigetti Computing in a research report on Monday, July 27th. They set a "buy" rating and a $25.00 price target on the stock. Rosenblatt Securities reaffirmed a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Finally, Wall Street Zen lowered Rigetti Computing from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Rigetti Computing currently has a consensus rating of "Hold" and a consensus price target of $30.67.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System lifted its position in 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 in the last quarter. Victory Capital Management Inc. increased its position in shares of Rigetti Computing by 1,632.5% during the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company's stock valued at $56,954,000 after purchasing an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. bought a new position in shares of Rigetti Computing in the 2nd quarter worth approximately $21,887,000. Norges Bank bought a new position in shares of Rigetti Computing in the 4th quarter worth approximately $38,889,000. Finally, Defiance ETFs LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $34,267,000. Institutional investors own 35.38% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source