Rigetti Computing (NASDAQ:RGTI) Director Helene Gail Sandford Sells 62,000 Shares

Key Points

• Helene Gail Sandford, a director at Rigetti Computing, sold 62,000 shares of the company's stock for about $2.78 million, reducing her total holdings by 34%.
• The company's stock price recently traded down to $46.38, with a market capitalization of $15.04 billion and an average target price of $28.29 from analysts.
• Rigetti Computing reported a quarterly revenue of $1.80 million, which was below the expected $1.87 million, while its earnings per share were ($0.05), beating the consensus estimate.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) Director Helene Gail Sandford sold 62,000 shares of the stock in a transaction on Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the completion of the transaction, the director directly owned 120,371 shares in the company, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, September 19th, Helene Gail Sandford sold 17,635 shares of Rigetti Computing stock. The shares were sold at an average price of $24.75, for a total value of $436,466.25.
• 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 Performance

Shares of RGTI stock traded down $1.59 during mid-day trading on Friday, hitting $46.38. 111,683,571 shares of the stock were exchanged, compared to its average volume of 74,217,977. The stock's fifty day simple moving average is $25.66 and its two-hundred day simple moving average is $16.53. The stock has a market capitalization of $15.04 billion, a price-to-earnings ratio of -61.03 and a beta of 1.60. Rigetti Computing, Inc. has a 12-month low of $0.98 and a 12-month high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The company had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. On average, research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the company. IFP Advisors Inc grew its stake in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after acquiring an additional 1,300 shares during the period. GAMMA Investing LLC grew its stake in shares of Rigetti Computing by 25.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company's stock valued at $86,000 after buying an additional 587 shares during the period. Armstrong Advisory Group Inc. grew its stake in shares of Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after buying an additional 2,060 shares during the period. Center for Financial Planning Inc. purchased a new stake in shares of Rigetti Computing during the 1st quarter valued at $30,000. Finally, Quarry LP purchased a new stake in shares of Rigetti Computing during the 1st quarter valued at $31,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. B. Riley increased their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Needham & Company LLC increased their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.29.

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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