Jeffrey Bertelsen Sells 4,270 Shares of Rigetti Computing (NASDAQ:RGTI) Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) CFO Jeffrey Bertelsen sold 4,270 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the transaction, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Rigetti Computing Stock Performance

NASDAQ RGTI traded down $0.05 during trading on Wednesday, hitting $16.94. The stock had a trading volume of 23,319,507 shares, compared to its average volume of 31,190,313. Rigetti Computing, Inc. has a one year low of $6.86 and a one year high of $58.15. The stock has a 50 day simple moving average of $20.03 and a 200 day simple moving average of $25.94. The stock has a market capitalization of $5.59 billion, a price-to-earnings ratio of -24.91 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm had revenue of $1.87 million for the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing’s revenue was down 17.9% on a year-over-year basis. On average, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of RGTI. Danske Bank A S purchased a new stake in Rigetti Computing during the third quarter worth $30,000. Parallel Advisors LLC lifted its stake in shares of Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares during the last quarter. Clearstead Advisors LLC bought a new stake in Rigetti Computing during the third quarter valued at about $35,000. Heritage Wealth Advisors grew its stake in Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on RGTI shares. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Needham & Company LLC reduced their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target for the company in a report on Thursday, January 22nd. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and an average price target of $32.70.

About Rigetti Computing

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.