Rigetti Computing (NASDAQ:RGTI) CTO Andrew Joseph Bestwick Sells 5,791 Shares

Rigetti Computing, Inc. (NASDAQ:RGTI) CTO Andrew Joseph Bestwick sold 5,791 shares of the firm’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.81, for a total transaction of $97,346.71. Following the completion of the sale, the chief technology officer owned 1,036,121 shares of the company’s stock, valued at $17,417,194.01. The trade was a 0.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rigetti Computing Trading Down 5.5%

Shares of NASDAQ RGTI opened at $16.07 on Friday. Rigetti Computing, Inc. has a 1-year low of $12.53 and a 1-year high of $58.15. The company has a market cap of $5.36 billion, a PE ratio of -17.86 and a beta of 1.99. The company has a 50-day moving average of $17.44 and a two-hundred day moving average of $17.73.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The company had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. As a group, equities research analysts forecast that Rigetti Computing, Inc. will post -0.27 earnings per share for the current year.

Rigetti Computing News Roundup

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Rigetti reported strong second-quarter revenue growth to $5.14 million from $1.80 million a year earlier. The company also highlighted a U.S. Department of Commerce letter of intent for up to $100 million in quantum R&D support and commercial system deliveries involving partners including Nvidia and HPE. Did Quantum Revenue Surge And US$100 Million R&D Backing Just Shift Rigetti Computing’s Investment Narrative?
• Positive Sentiment: The company created a dedicated Systems Delivery organization to support growing demand for on-premises quantum systems. David Rivas became chief operating officer, while Andrew Bestwick was appointed chief technology officer to focus on chip development and hardware engineering. Rigetti said the structure should improve customer deployments and help advance its target of 99.5% median two-qubit gate fidelity for its Cepheus-1-108Q system. Rigetti Computing Establishes Dedicated Systems Delivery Organization
• Neutral Sentiment: Board member Dr. Ray Johnson announced an upcoming resignation, adding to investor focus on governance and management changes. The available report does not indicate that the resignation reflects a change in business strategy. Rigetti Computing Announces Upcoming Board Member Resignation
• Negative Sentiment: Rigetti shares declined along with other quantum-computing stocks, including IonQ and D-Wave, in a broad sector selloff. The report cited no specific company news driving the industry-wide move, suggesting risk reduction across a volatile category. Quantum Stock Selloff
• Negative Sentiment: The reorganization was interpreted by some investors as a leadership shake-up, particularly because it separates systems delivery from chip development. Although management described the changes as an effort to improve execution, investors may remain concerned about transition risk and the company’s ability to meet technology and deployment milestones. Rigetti Shares Plunge After Major Leadership Shake-Up
• Negative Sentiment: CTO Andrew Bestwick, COO David Rivas, and CFO Jeffrey Bertelsen sold shares to cover tax withholding obligations tied to vested equity awards. The transactions were relatively small portions of their remaining holdings, but the absence of reported insider purchases adds to a cautious sentiment around RGTI.

Analysts Set New Price Targets

A number of research analysts have commented on RGTI shares. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Wedbush initiated coverage on Rigetti Computing in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price for the company. Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Benchmark started coverage on Rigetti Computing in a research note on Monday, July 27th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently bought and sold shares of the business. Danske Bank A S bought a new position in Rigetti Computing in the third quarter valued at approximately $30,000. Parallel Advisors LLC grew its holdings in Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after acquiring an additional 871 shares during the period. Heritage Wealth Advisors raised its position in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after acquiring an additional 954 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the last quarter. Finally, EFG International AG acquired a new position in shares of Rigetti Computing in the 4th quarter valued at $28,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.