Insider Selling: Rigetti Computing, Inc. (NASDAQ:RGTI) Director Sells 125,000 Shares of Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $6.49 on Wednesday. The business’s fifty day moving average is $1.60 and its 200 day moving average is $1.17. Rigetti Computing, Inc. has a fifty-two week low of $1.13 and a fifty-two week high of $6.89. The company has a market capitalization of $1.25 billion, a PE ratio of -17.08 and a beta of 2.71. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RGTI. Benchmark reaffirmed a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley lifted their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Rigetti Computing by 17.0% in the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after buying an additional 753,110 shares in the last quarter. Cetera Advisors LLC bought a new stake in Rigetti Computing during the first quarter worth approximately $38,000. SG Americas Securities LLC bought a new position in shares of Rigetti Computing during the second quarter valued at approximately $25,000. Comprehensive Financial Consultants Institutional Inc. bought a new position in shares of Rigetti Computing during the second quarter valued at approximately $27,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after buying an additional 400,143 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

About Rigetti Computing

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.