Insider Selling: Rigetti Computing, Inc. (NASDAQ:RGTI) Director Sells 43,200 Shares of Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Helene Gail Sandford sold 43,200 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the transaction, the director now owns 257,752 shares in the company, valued at $211,356.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Rigetti Computing Trading Up 2.3 %

RGTI stock traded up $0.02 during trading on Tuesday, hitting $0.84. The company had a trading volume of 1,995,356 shares, compared to its average volume of 5,289,987. The firm has a 50-day moving average price of $0.93 and a 200-day moving average price of $1.16. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month high of $2.36. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.03. The stock has a market cap of $144.48 million, a price-to-earnings ratio of -1.55 and a beta of 2.30.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. The company had revenue of $3.09 million during the quarter, compared to the consensus estimate of $3.53 million. Rigetti Computing had a negative return on equity of 54.61% and a negative net margin of 538.72%. During the same quarter in the previous year, the company posted ($0.13) earnings per share. As a group, analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Analyst Ratings Changes

RGTI has been the topic of several recent analyst reports. B. Riley began coverage on Rigetti Computing in a report on Thursday, July 25th. They issued a “buy” rating and a $3.00 target price on the stock. Needham & Company LLC cut their price objective on Rigetti Computing from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Friday, August 9th.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing during the 2nd quarter worth approximately $88,000. XTX Topco Ltd boosted its stake in Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after acquiring an additional 143,697 shares during the last quarter. Caprock Group LLC bought a new position in Rigetti Computing in the second quarter valued at approximately $42,000. Rhumbline Advisers acquired a new stake in Rigetti Computing during the 2nd quarter worth $161,000. Finally, Bank of New York Mellon Corp raised its position in shares of Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares during 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.