Insider Selling: Rigetti Computing, Inc. (NASDAQ:RGTI) Director Sells 125,000 Shares of Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Rigetti Computing Stock Up 2.1 %

Rigetti Computing stock traded up $0.09 during trading hours on Monday, hitting $4.47. The company had a trading volume of 131,510,484 shares, compared to its average volume of 68,300,328. Rigetti Computing, Inc. has a fifty-two week low of $1.13 and a fifty-two week high of $5.09. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a market capitalization of $859.58 million, a P/E ratio of -11.53 and a beta of 2.71. The firm’s fifty day moving average is $1.53 and its 200-day moving average is $1.15.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Benchmark restated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, B. Riley raised their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Rigetti Computing by 17.0% during the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after purchasing an additional 753,110 shares during the last quarter. Penserra Capital Management LLC lifted its holdings in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after buying an additional 407,389 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares in the last quarter. State Street Corp grew its stake in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after buying an additional 309,831 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after buying an additional 144,742 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.