Rigetti Computing (NASDAQ:RGTI) Director Ray Johnson Sells 84,944 Shares of Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Ray Johnson sold 84,944 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total value of $1,745,599.20. Following the completion of the sale, the director directly owned 95,537 shares of the company’s stock, valued at $1,963,285.35. This trade represents a 47.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rigetti Computing Trading Up 0.1%

Shares of RGTI stock opened at $21.38 on Tuesday. The company’s 50-day moving average price is $20.21 and its 200-day moving average price is $20.03. The stock has a market cap of $7.11 billion, a price-to-earnings ratio of -24.57 and a beta of 1.88. Rigetti Computing, Inc. has a twelve month low of $10.30 and a twelve month high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. During the same period last year, the business earned ($0.05) earnings per share. Rigetti Computing’s revenue was up 198.9% compared to the same quarter last year. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently made changes to their positions in RGTI. Heritage Wealth Advisors lifted its holdings in shares of Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares during the last quarter. Larson Financial Group LLC increased its holdings in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares during the last quarter. PeakShares LLC acquired a new stake in Rigetti Computing in the 1st quarter valued at approximately $28,000. EFG International AG purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $28,000. Finally, Tsfg LLC raised its position in Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RGTI has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Mizuho decreased their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Benchmark cut their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Finally, Northland Securities assumed coverage on Rigetti Computing in a research report on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price on the stock. Eight 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $29.18.

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.