Rigetti Computing (NASDAQ:RGTI) Director Thomas Iannotti Sells 100,000 Shares

Key Points

• Director Thomas Iannotti of Rigetti Computing sold 100,000 shares for a total of $1,950,000, reducing his ownership in the company by 87.03%.
• As of the latest trading, Rigetti Computing's stock has a fifty-two week range of $0.71 to $21.42 and was trading at approximately $19.21.
• Investment analysts have a generally positive outlook on Rigetti Computing, with several raising their price targets and assigning a "buy" rating.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) Director Thomas Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the transaction, the director directly owned 14,902 shares in the company, valued at $290,589. This trade represents a 87.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Rigetti Computing Trading Up 0.6%

Shares of RGTI stock traded up $0.12 during trading hours on Monday, reaching $19.21. The company's stock had a trading volume of 43,093,354 shares, compared to its average volume of 38,772,388. The firm's 50 day simple moving average is $15.43 and its 200-day simple moving average is $12.06. Rigetti Computing, Inc. has a fifty-two week low of $0.71 and a fifty-two week high of $21.42.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results 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. The firm had revenue of $1.80 million for 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%. Equities analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on RGTI shares. Benchmark raised their target price on Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research note on Wednesday, July 16th. B. Riley lifted their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research report on Wednesday, August 13th. Finally, Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $17.43.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its position in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after acquiring an additional 3,064 shares in the last quarter. IFP Advisors Inc increased its stake in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after purchasing an additional 1,300 shares in the last quarter. Center for Financial Planning Inc. acquired a new position in shares of Rigetti Computing during the first quarter valued at about $30,000. Quarry LP acquired a new position in shares of Rigetti Computing during the first quarter valued at about $31,000. Finally, Armstrong Advisory Group Inc. boosted its position 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 purchasing an additional 2,060 shares in the last quarter. 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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