Rigetti Computing (NASDAQ:RGTI) Director Michael S. Clifton Sells 75,000 Shares

Key Points

• Director Michael Clifton sold 75,000 shares of Rigetti Computing at an average price of $19.00, totaling $1,425,000 and reducing his ownership by 10.29%.
• Rigetti's stock price recently increased by 0.6% and is currently trading at $19.21, with a 12-month low of $0.71 and a high of $21.42.
• Brokerages have shown optimism, with several giving Rigetti a Buy rating and price targets ranging from $15.00 to $20.00, reflecting strong market interest.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) Director Michael S. Clifton sold 75,000 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the completion of the transaction, the director directly owned 653,766 shares of the company's stock, valued at $12,421,554. The trade was a 10.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Rigetti Computing Trading Up 12.5%

RGTI traded up $2.75 on Thursday, reaching $24.74. The stock had a trading volume of 113,559,185 shares, compared to its average volume of 42,469,984. Rigetti Computing, Inc. has a 12-month low of $0.71 and a 12-month high of $26.21. The business's 50-day moving average price is $16.08 and its two-hundred day moving average price is $12.38. The company has a market cap of $8.02 billion, a P/E ratio of -32.55 and a beta of 1.44.

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

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. BNP Paribas Financial Markets acquired a new position in Rigetti Computing during the fourth quarter worth about $316,000. Bank of America Corp DE grew its holdings in Rigetti Computing by 536.3% in the fourth quarter. Bank of America Corp DE now owns 505,070 shares of the company's stock valued at $7,707,000 after purchasing an additional 425,689 shares during the period. Captrust Financial Advisors purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $329,000. Cetera Investment Advisers grew its holdings in Rigetti Computing by 118.8% in the fourth quarter. Cetera Investment Advisers now owns 42,456 shares of the company's stock valued at $648,000 after purchasing an additional 23,056 shares during the period. Finally, Deutsche Bank AG grew its holdings in Rigetti Computing by 79.5% in the fourth quarter. Deutsche Bank AG now owns 158,501 shares of the company's stock valued at $2,419,000 after purchasing an additional 70,200 shares during the period. Institutional investors and hedge funds own 35.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research note on Wednesday, August 13th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC raised their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Finally, Cantor Fitzgerald started coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $17.43.

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.