Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.8% Following Insider Selling

Key Points

• Rigetti Computing's stock price decreased by 1.8% following insider sales, with Chief Financial Officer Jeffrey A. Bertelsen and Chief Technology Officer David Rivas selling shares, impacting their positions by 2.09% and 5.72% respectively.
• Despite this decline, several research analysts have a positive outlook, with a consensus rating of "Buy" and an average price target of $17.43 among six analysts.
• Rigetti Computing currently has a market cap of $4.18 billion and has seen significant institutional interest, with hedge funds owning over 35% of the company's stock.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price was down 1.8% during trading on Thursday after an insider sold shares in the company. The company traded as low as $14.39 and last traded at $14.49. Approximately 6,094,688 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 69,873,016 shares. The stock had previously closed at $14.76.

Specifically, CFO Jeffrey A. Bertelsen sold 3,919 shares of Rigetti Computing stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total transaction of $58,157.96. Following the completion of the sale, the chief financial officer directly owned 183,581 shares in the company, valued at approximately $2,724,342.04. The trade was a 2.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO David Rivas sold 44,355 shares of Rigetti Computing stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total transaction of $658,671.75. Following the completion of the transaction, the chief technology officer directly owned 730,568 shares of the company's stock, valued at $10,848,934.80. The trade was a 5.72% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective for the company. B. Riley boosted their price target on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a report on Wednesday, August 13th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, Needham & Company LLC boosted their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $17.43.

Rigetti Computing Price Performance

The firm has a market cap of $4.18 billion, a PE ratio of -19.03 and a beta of 1.44. The stock's fifty day moving average price is $14.06 and its 200-day moving average price is $11.56.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently modified their holdings of RGTI. Envestnet Asset Management Inc. purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at about $456,000. Bank of Montreal Can purchased a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $341,000. Legal & General Group Plc lifted its stake in Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after acquiring an additional 1,817 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Rigetti Computing in the fourth quarter worth approximately $2,396,000. Finally, Sterling Capital Management LLC lifted its stake in Rigetti Computing by 1,006.2% in the fourth quarter. Sterling Capital Management LLC now owns 4,967 shares of the company's stock worth $76,000 after acquiring an additional 4,518 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.

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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