Insider Selling: Rigetti Computing, Inc. (NASDAQ:RGTI) Director Sells 25,000 Shares of Stock

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) Director Michael S. Clifton sold 25,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the sale, the director directly owned 853,766 shares in the company, valued at $12,806,490. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Rigetti Computing Trading Up 3.5%

Shares of NASDAQ:RGTI traded up $0.58 during mid-day trading on Thursday, reaching $17.14. The stock had a trading volume of 82,859,919 shares, compared to its average volume of 60,569,191. The firm has a market cap of $4.98 billion, a PE ratio of -24.49 and a beta of 1.43. The firm has a 50 day simple moving average of $12.30 and a two-hundred day simple moving average of $11.09. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42.

Analyst Ratings Changes

Several research analysts have issued reports on RGTI shares. Benchmark reaffirmed a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, May 15th. Needham & Company LLC cut their price target on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research report on Wednesday. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday. Finally, Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $14.83.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after buying an additional 2,055,203 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $848,000. Jones Financial Companies Lllp bought a new stake in Rigetti Computing during the 4th quarter worth approximately $50,000. Alliancebernstein L.P. lifted its stake in Rigetti Computing by 11.5% in the fourth quarter. Alliancebernstein L.P. now owns 155,480 shares of the company's stock valued at $2,373,000 after buying an additional 15,980 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Rigetti Computing in the 4th quarter worth $316,000. 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.

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