Rigetti Computing (NASDAQ:RGTI) CTO David Rivas Sells 499,328 Shares of Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) CTO David Rivas sold 499,328 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

David Rivas also recently made the following trade(s):

• On Friday, May 22nd, David Rivas sold 18,759 shares of Rigetti Computing stock. The shares were sold at an average price of $22.96, for a total value of $430,706.64.
• On Tuesday, March 10th, David Rivas sold 36,719 shares of Rigetti Computing stock. The shares were sold at an average price of $17.52, for a total value of $643,316.88.

Rigetti Computing Stock Performance

NASDAQ RGTI opened at $25.63 on Tuesday. The business has a fifty day moving average price of $17.99 and a 200 day moving average price of $20.39. Rigetti Computing, Inc. has a one year low of $10.30 and a one year high of $58.15. The company has a market cap of $8.52 billion, a P/E ratio of -29.46 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. During the same period last year, the company earned ($0.05) EPS. The company’s revenue for the quarter was up 198.9% on a year-over-year basis. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC boosted its holdings in Rigetti Computing by 7.3% during the 1st quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock valued at $2,809,000 after acquiring an additional 13,666 shares during the period. Encore Global Management LP purchased a new position in Rigetti Computing during the 1st quarter valued at about $1,685,000. Amundi boosted its holdings in Rigetti Computing by 124.8% during the 1st quarter. Amundi now owns 60,012 shares of the company’s stock valued at $843,000 after acquiring an additional 33,317 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Rigetti Computing by 31.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock valued at $65,000 after acquiring an additional 1,121 shares during the period. Finally, California State Teachers Retirement System boosted its holdings in Rigetti Computing by 22.8% during the 1st quarter. California State Teachers Retirement System now owns 377,955 shares of the company’s stock valued at $5,306,000 after acquiring an additional 70,179 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on RGTI shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, March 5th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Mizuho cut their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Finally, TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rigetti Computing currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

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.