Rigetti Computing (NASDAQ:RGTI) Shares Down 6.6% After Insider Selling

Key Points

• Rigetti Computing's shares fell by 6.6% due to insider selling, with a significant sale of 62,000 shares by Director Helene Gail Sandford.
• Analysts have mixed ratings on Rigetti, with price targets ranging from $20.00 to $50.00, indicating a consensus rating of "Moderate Buy" and a target price of $28.29.
• Despite posting a negative net margin of 2,134.92%, Rigetti reported earnings of ($0.05) per share for the last quarter, beating estimates by $0.01.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price dropped 6.6% during trading on Monday following insider selling activity. The stock traded as low as $42.18 and last traded at $43.31. Approximately 86,674,687 shares were traded during trading, an increase of 17% from the average daily volume of 74,305,773 shares. The stock had previously closed at $46.38.

Specifically, 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 transaction of $2,783,180.00. Following the completion of the sale, the director owned 120,371 shares of the company's stock, valued at $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

RGTI has been the subject of a number of recent analyst reports. Benchmark increased their price target on shares of Rigetti Computing from $20.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday, October 7th. Weiss Ratings restated a "sell (e+)" rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. B. Riley raised 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 restated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Williams Trading set a $50.00 target price on shares of Rigetti Computing in a research note on Tuesday, October 7th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Rigetti Computing presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.29.

Rigetti Computing Stock Performance

The stock has a market capitalization of $14.04 billion, a P/E ratio of -56.99 and a beta of 1.60. The stock's fifty day simple moving average is $26.28 and its two-hundred day simple moving average is $16.91.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS 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 for the quarter, compared to analyst estimates of $1.87 million. As a group, analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in shares of Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after buying an additional 3,064 shares in the last quarter. 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 valued at $26,000 after buying an additional 1,300 shares in the last quarter. Center for Financial Planning Inc. purchased a new position in shares of Rigetti Computing in the 1st quarter worth about $30,000. Quarry LP purchased a new position in Rigetti Computing in the 1st quarter worth about $31,000. Finally, Armstrong Advisory Group Inc. raised its position in Rigetti Computing by 225.4% in 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 last quarter. Institutional investors own 35.38% of the company's stock.

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.

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