Rigetti Computing (NASDAQ:RGTI) Shares Gap Down Following Insider Selling

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $17.14, but opened at $16.71. Rigetti Computing shares last traded at $16.83, with a volume of 7,853,871 shares trading hands.

Specifically, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the sale, the director directly owned 853,766 shares in the company, valued at approximately $12,806,490. This trade represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $606,300.00. Following the sale, the director owned 419,756 shares of the company's stock, valued at approximately $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

RGTI has been the subject of a number of research reports. Needham & Company LLC reduced their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Benchmark reiterated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Finally, Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research report on Wednesday. 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 a consensus price target of $14.83.

Rigetti Computing Trading Down 3.4%

The stock has a market capitalization of $4.81 billion, a PE ratio of -23.84 and a beta of 1.43. The company's 50 day simple moving average is $12.30 and its 200 day simple moving average is $11.09.

Institutional Trading of Rigetti Computing

Institutional investors have recently made changes to their positions in the stock. Signaturefd LLC acquired a new position in shares of Rigetti Computing during the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing in the 4th quarter worth $28,000. Tucker Asset Management LLC acquired a new position in Rigetti Computing in the 4th quarter worth $32,000. Armstrong Advisory Group Inc. increased its position in shares of 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 purchasing an additional 2,060 shares during the last quarter. Finally, Orion Capital Management LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth about $46,000. 35.38% of the stock is owned by hedge funds and other 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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