Ray Johnson Sells 122,188 Shares of Rigetti Computing (NASDAQ:RGTI) Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Ray Johnson sold 122,188 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total value of $2,602,604.40. Following the sale, the director directly owned 171,273 shares in the company, valued at $3,648,114.90. The trade was a 41.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rigetti Computing Price Performance

Shares of NASDAQ RGTI opened at $20.63 on Friday. The business’s 50 day moving average is $19.21 and its two-hundred day moving average is $20.23. Rigetti Computing, Inc. has a 1-year low of $10.30 and a 1-year high of $58.15. The stock has a market capitalization of $6.86 billion, a P/E ratio of -23.71 and a beta of 1.88.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rothschild Investment LLC grew its stake in Rigetti Computing by 26.1% in the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after purchasing an additional 345 shares in the last quarter. Prospera Financial Services Inc grew its stake in Rigetti Computing by 1.0% in the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after purchasing an additional 419 shares in the last quarter. Kestra Private Wealth Services LLC grew its stake in Rigetti Computing by 1.4% in the fourth quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after purchasing an additional 535 shares in the last quarter. MAI Capital Management grew its stake in Rigetti Computing by 17.7% in the third quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after purchasing an additional 566 shares in the last quarter. Finally, Global Retirement Partners LLC grew its stake in Rigetti Computing by 10.2% in the fourth quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock worth $147,000 after purchasing an additional 615 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Northland Securities assumed coverage on Rigetti Computing in a research note on Monday, April 20th. They set a “market perform” rating and a $20.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Mizuho cut their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Finally, Benchmark cut their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.