Ray Johnson Sells 126,295 Shares of Rigetti Computing (NASDAQ:RGTI) Stock

Key Points

• Ray Johnson, a director at Rigetti Computing, sold 126,295 shares of stock on September 12th for a total of $2,525,900, leading to a 30.09% decrease in his ownership of the firm.
• Rigetti Computing's stock closed at $19.21, with a notable 12 month low of $0.71 and a high of $21.42.
• Several brokerages have set a consensus target price of $17.43 for Rigetti Computing, with B. Riley and Benchmark both providing "buy" ratings and raising their price objectives to $19.00 and $20.00 respectively.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) Director Ray Johnson sold 126,295 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the sale, the director directly owned 293,461 shares of the company's stock, valued at $5,869,220. The trade was a 30.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI traded up $0.12 during trading hours on Monday, hitting $19.21. 43,093,354 shares of the company traded hands, compared to its average volume of 38,772,388. The company's 50 day moving average price is $15.43 and its 200 day moving average price is $12.06. Rigetti Computing, Inc. has a 12 month low of $0.71 and a 12 month high of $21.42.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million for 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%. Sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on RGTI. B. Riley raised their price objective on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Benchmark raised their target price on shares of 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 shares of 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. Finally, Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a report on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Rigetti Computing currently has a consensus rating of "Buy" and a consensus target price of $17.43.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of RGTI. GAMMA Investing LLC boosted its stake in Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after acquiring an additional 3,064 shares in the last quarter. IFP Advisors Inc lifted its position in Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after purchasing an additional 1,300 shares during the period. Center for Financial Planning Inc. acquired a new position in Rigetti Computing during the first quarter valued at $30,000. Quarry LP acquired a new position in Rigetti Computing during the first quarter valued at $31,000. Finally, Armstrong Advisory Group Inc. lifted its position in Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after purchasing an additional 2,060 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Company Profile

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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