Rigetti Computing, Inc. (NASDAQ:RGTI) CTO Sells $2,729,851.60 in Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Rigetti Computing Price Performance

RGTI stock opened at $8.95 on Thursday. The stock has a 50-day moving average price of $11.49 and a two-hundred day moving average price of $6.04. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $1.72 billion, a PE ratio of -23.55 and a beta of 1.37.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the prior year, the business earned ($0.04) earnings per share. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. boosted its position in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after buying an additional 5,280,128 shares during the period. Invesco Ltd. boosted its position in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after buying an additional 4,518,978 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after buying an additional 2,055,203 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Rigetti Computing by 418.6% in the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock worth $15,254,000 after buying an additional 806,878 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on RGTI. Needham & Company LLC reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reissued a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, B. Riley boosted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $14.50.

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.