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

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

Rigetti Computing Price Performance

NASDAQ RGTI traded down $0.05 on Wednesday, reaching $16.94. The stock had a trading volume of 23,319,507 shares, compared to its average volume of 31,190,313. The company has a market cap of $5.59 billion, a P/E ratio of -24.91 and a beta of 1.71. The firm has a fifty day moving average of $20.03 and a two-hundred day moving average of $25.94. Rigetti Computing, Inc. has a 1-year low of $6.86 and a 1-year high of $58.15.

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

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. Osaic Holdings Inc. raised its position in Rigetti Computing by 119.2% during the second quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock valued at $3,087,000 after purchasing an additional 141,541 shares in the last quarter. Penserra Capital Management LLC lifted its stake in Rigetti Computing by 43.8% during the third quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock worth $72,860,000 after purchasing an additional 744,577 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in shares of Rigetti Computing by 16.3% in the 2nd quarter. SBI Securities Co. Ltd. now owns 195,159 shares of the company’s stock valued at $2,315,000 after purchasing an additional 27,422 shares in the last quarter. Swiss National Bank increased its stake in shares of Rigetti Computing by 18.3% in the 2nd quarter. Swiss National Bank now owns 546,100 shares of the company’s stock valued at $6,477,000 after purchasing an additional 84,300 shares during the last quarter. Finally, TD Waterhouse Canada Inc. increased its stake in shares of Rigetti Computing by 3,429.3% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 36,175 shares of the company’s stock valued at $409,000 after purchasing an additional 35,150 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on RGTI. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Needham & Company LLC cut their price target on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Finally, TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and an average target price 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.