Insider Selling: Rigetti Computing (NASDAQ:RGTI) CFO Sells 3,919 Shares of Stock

Key Points

• Jeffrey Bertelsen, CFO of Rigetti Computing, sold 3,919 shares of stock at an average price of $14.84, totaling approximately $58,158, resulting in a 2.09% decrease in his ownership.
• Rigetti Computing's stock price decreased by 2.6%, trading down to $14.76 with a market capitalization of $4.29 billion and a price-to-earnings ratio of -19.42.
• Several institutional investors have increased their stakes, with Vanguard Group raising its holdings by 20.7% and now owning shares valued at $112.3 million.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) CFO Jeffrey Bertelsen sold 3,919 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the transaction, the chief financial officer directly owned 183,581 shares of the company's stock, valued at approximately $2,724,342.04. This trade represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Rigetti Computing Trading Down 2.6%

RGTI stock traded down $0.40 during midday trading on Wednesday, hitting $14.76. The stock had a trading volume of 26,355,515 shares, compared to its average volume of 70,281,883. The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of -19.42 and a beta of 1.44. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The stock has a 50-day simple moving average of $14.02 and a 200 day simple moving average of $11.53.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Rigetti Computing by 20.7% in the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock valued at $112,283,000 after buying an additional 2,430,758 shares in the last quarter. State Street Corp increased its stake 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 buying an additional 946,850 shares in the last quarter. Marex Group plc acquired a new stake in shares of Rigetti Computing in the second quarter valued at $87,414,000. Geode Capital Management LLC increased its stake in shares of Rigetti Computing by 22.9% in the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock valued at $76,910,000 after buying an additional 1,206,925 shares in the last quarter. Finally, UNICOM Systems Inc. increased its stake in shares of Rigetti Computing by 1,235.8% in the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after buying an additional 3,521,935 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on RGTI shares. Benchmark raised their target price on Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research report on Wednesday, July 16th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. B. Riley raised their target price on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Needham & Company LLC lifted 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. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $17.43.

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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