Insider Selling: Rigetti Computing (NASDAQ:RGTI) Director Sells 17,635 Shares of Stock

Key Points

• Rigetti Computing Director Helene Gail Sandford sold 17,635 shares at an average price of $24.75, reducing her ownership by 8.82% and totaling approximately $436,466.
• The company's stock trading on NASDAQ under RGTI recently experienced a 0.5% decline, bringing the share price to $28.37 with a market capitalization of $9.20 billion.
• Rigetti Computing reported a (0.05) EPS for the last quarter, slightly beating analysts' expectations, while maintaining negative return on equity of 29.05% amid revenue of $1.80 million.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) Director Helene Gail Sandford sold 17,635 shares of Rigetti Computing stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $24.75, for a total value of $436,466.25. Following the completion of the transaction, the director directly owned 182,371 shares of the company's stock, valued at approximately $4,513,682.25. This represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Helene Gail Sandford also recently made the following trade(s):

• On Friday, September 12th, Helene Gail Sandford sold 25,000 shares of Rigetti Computing stock. The stock was sold at an average price of $18.54, for a total value of $463,500.00.

Rigetti Computing Stock Up 9.3%

RGTI traded up $2.63 on Tuesday, reaching $31.00. The company's stock had a trading volume of 52,949,178 shares, compared to its average volume of 68,138,344. The stock has a 50 day moving average of $16.72 and a two-hundred day moving average of $12.71. The company has a market capitalization of $10.05 billion, a price-to-earnings ratio of -40.64 and a beta of 1.44. Rigetti Computing, Inc. has a fifty-two week low of $0.71 and a fifty-two week high of $31.42.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The firm had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RGTI. B. Riley upped their price target on Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday. Benchmark increased 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. Cantor Fitzgerald started coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price on the stock. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research note on Wednesday, July 16th. Finally, 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 research report on Monday, August 4th. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has an average rating of "Buy" and a consensus price target of $19.71.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Rigetti Computing by 20.7% in the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock valued at $112,283,000 after purchasing an additional 2,430,758 shares during the period. State Street Corp lifted 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 worth $104,997,000 after buying an additional 946,850 shares in the last quarter. Marex Group plc purchased a new position in shares of Rigetti Computing during the second quarter valued at approximately $87,414,000. Geode Capital Management LLC increased 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 valued at $76,910,000 after buying an additional 1,206,925 shares during the last quarter. Finally, UNICOM Systems Inc. boosted its position 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 worth $30,151,000 after purchasing an additional 3,521,935 shares during the period. Institutional investors and hedge funds 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.