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

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

Rigetti Computing Trading Down 0.3%

Shares of Rigetti Computing stock traded down $0.05 on Wednesday, reaching $16.94. 23,319,507 shares of the company were exchanged, compared to its average volume of 31,190,313. The company has a market capitalization of $5.59 billion, a price-to-earnings ratio of -24.91 and a beta of 1.71. Rigetti Computing, Inc. has a one year low of $6.86 and a one year high of $58.15. The company has a 50-day moving average of $20.03 and a 200 day moving average of $25.94.

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RGTI. Royal Bank Of Canada downgraded shares of Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Needham & Company LLC lowered their price target on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Finally, Mizuho dropped their price objective on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.70.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently modified their holdings of the stock. Royal Bank of Canada grew its stake in Rigetti Computing by 106.2% in the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after buying an additional 113,644 shares during the last quarter. AQR Capital Management LLC lifted its position in Rigetti Computing by 138.9% during the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock worth $642,000 after acquiring an additional 47,115 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Rigetti Computing by 25.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after acquiring an additional 22,770 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Rigetti Computing by 197.8% during the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after acquiring an additional 16,998 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in shares of Rigetti Computing in the first quarter valued at approximately $3,115,000. 35.38% of the stock is owned by institutional investors.

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.