Rigetti Computing (NASDAQ:RGTI) Director Sells $463,500.00 in Stock

Key Points

• Rigetti Computing Director Helene Gail Sandford sold 25,000 shares at an average price of $18.54, totaling $463,500, which decreased her position by 11.11%.
• The stock price of Rigetti Computing (NASDAQ:RGTI) is currently $19.21, reflecting a 0.6% increase, with analysts providing a consensus rating of "Buy" and an average target price of $17.43.
• In their last earnings report, Rigetti reported ($0.05) earnings per share, beating estimates slightly, though with a substantial negative net margin of 2,134.92%.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) Director Helene Gail Sandford sold 25,000 shares of the company's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $18.54, for a total transaction of $463,500.00. Following the completion of the sale, the director owned 200,006 shares of the company's stock, valued at approximately $3,708,111.24. This trade represents a 11.11% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Rigetti Computing Stock Up 0.6%

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

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 the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. As a group, research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Institutional Trading of Rigetti Computing

Large investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after buying an additional 3,064 shares during the period. IFP Advisors Inc boosted its holdings in shares of Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after buying an additional 1,300 shares during the period. Center for Financial Planning Inc. bought a new stake in shares of Rigetti Computing during the 1st quarter worth $30,000. Quarry LP bought a new stake in shares of Rigetti Computing during the 1st quarter worth $31,000. Finally, Armstrong Advisory Group Inc. boosted its holdings 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 worth $35,000 after buying an additional 2,060 shares during the period. 35.38% of the stock is owned by institutional investors.

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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