Rigetti Computing, Inc. (NASDAQ:RGTI) Director Sells $606,300.00 in Stock

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) Director Ray O. Johnson sold 40,420 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the transaction, the director directly owned 419,756 shares in the company, valued at approximately $6,296,340. This represents a 8.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Rigetti Computing Stock Up 3.5%

Shares of Rigetti Computing stock traded up $0.58 during trading on Thursday, hitting $17.14. 82,859,919 shares of the stock traded hands, compared to its average volume of 60,569,191. The stock has a market cap of $4.98 billion, a price-to-earnings ratio of -24.49 and a beta of 1.43. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The firm's fifty day moving average is $12.30 and its 200-day moving average is $11.09.

Analysts Set New Price Targets

A number of brokerages have commented on RGTI. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Wednesday. Benchmark reaffirmed a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Cantor Fitzgerald began coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective for the company. Needham & Company LLC reduced their target price on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research note on Wednesday. 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 $14.83.

Institutional Trading of Rigetti Computing

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings 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 worth $112,283,000 after buying an additional 2,430,758 shares during the last quarter. Invesco Ltd. lifted its holdings in Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after purchasing an additional 4,518,978 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Rigetti Computing by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock valued at $58,767,000 after buying an additional 228,391 shares in the last quarter. UNICOM Systems Inc. raised its stake in Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after purchasing an additional 3,521,935 shares during the period. Finally, Penserra Capital Management LLC lifted its stake in Rigetti Computing by 41.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock worth $17,548,000 after purchasing an additional 644,455 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

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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