David Rivas Sells 36,719 Shares of Rigetti Computing (NASDAQ:RGTI) Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) CTO David Rivas sold 36,719 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at $11,421,533.28. This represents a 5.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Rigetti Computing Price Performance

Shares of RGTI opened at $16.07 on Friday. Rigetti Computing, Inc. has a 1 year low of $6.86 and a 1 year high of $58.15. The company has a 50 day simple moving average of $19.81 and a two-hundred day simple moving average of $25.81. The firm has a market cap of $5.30 billion, a P/E ratio of -23.63 and a beta of 1.71.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RGTI. Wedbush boosted their target price on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, March 5th. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Mizuho cut their price objective on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. Finally, TD Cowen lowered Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $32.70.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently bought and sold shares of RGTI. Vanguard Group Inc. raised its position in shares of Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after acquiring an additional 9,228,888 shares in the last quarter. Marex Group plc bought a new stake in Rigetti Computing during the second quarter valued at about $87,414,000. Victory Capital Management Inc. grew its stake in Rigetti Computing by 1,632.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after purchasing an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in Rigetti Computing in the second quarter valued at about $21,887,000. Finally, Norges Bank bought a new position in Rigetti Computing in the fourth quarter worth about $38,889,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.