Rigetti Computing (NASDAQ:RGTI) Director Michael 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 Clifton sold 75,000 shares of the business's stock in a transaction on Friday, September 12th. The stock was 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 owned 653,766 shares in the company, valued at $12,421,554. This represents a 10.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Rigetti Computing Stock Up 0.6%

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

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) 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, equities analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets purchased a new stake in shares of Rigetti Computing during the fourth quarter worth $316,000. Janney Montgomery Scott LLC bought a new position in Rigetti Computing during the first quarter valued at about $206,000. Nuveen Asset Management LLC boosted its stake in shares of Rigetti Computing by 418.6% during the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock worth $15,254,000 after acquiring an additional 806,878 shares in the last quarter. Amalgamated Bank increased its holdings in shares of Rigetti Computing by 33.1% during the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after acquiring an additional 1,622 shares during the last quarter. Finally, Captrust Financial Advisors bought a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $329,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RGTI. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. Benchmark upped 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 research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price for the company. B. Riley upped their target price on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Williams Trading set a $20.00 price target on Rigetti Computing in a report on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $17.43.

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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