Rigetti Computing (NASDAQ:RGTI) Director Sells $1,745,599.20 in Stock

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

Rigetti Computing Stock Up 0.1%

Shares of NASDAQ:RGTI traded up $0.02 during trading on Monday, reaching $21.38. The stock had a trading volume of 37,333,570 shares, compared to its average volume of 35,985,406. The stock has a market cap of $7.11 billion, a P/E ratio of -24.57 and a beta of 1.88. The business has a fifty day moving average price of $20.07 and a 200-day moving average price of $20.05. Rigetti Computing, Inc. has a fifty-two week low of $10.30 and a fifty-two week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last posted 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. The business 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 business’s revenue was up 198.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) earnings per share. As a group, equities analysts forecast that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of RGTI. Kestra Private Wealth Services LLC increased its position in shares of 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 acquiring an additional 535 shares in the last quarter. MAI Capital Management lifted its holdings in shares of Rigetti Computing by 17.7% during the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after acquiring an additional 566 shares in the last quarter. Global Retirement Partners LLC boosted its position in Rigetti Computing by 10.2% during the 4th quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock worth $147,000 after purchasing an additional 615 shares during the period. Huntington National Bank boosted its position in Rigetti Computing by 60.6% during the 3rd quarter. Huntington National Bank now owns 1,688 shares of the company’s stock worth $50,000 after purchasing an additional 637 shares during the period. Finally, Comerica Bank increased its holdings in Rigetti Computing by 2.1% in the 3rd quarter. Comerica Bank now owns 31,901 shares of the company’s stock valued at $950,000 after purchasing an additional 653 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Mizuho dropped their price target on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Needham & Company LLC restated a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a report on Tuesday, May 12th. Northland Securities began 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. Benchmark reduced their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

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.