Rigetti Computing (NASDAQ:RGTI) COO David Rivas Sells 9,038 Shares

Rigetti Computing, Inc. (NASDAQ:RGTI) COO David Rivas sold 9,038 shares of Rigetti Computing stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.79, for a total transaction of $151,748.02. Following the completion of the transaction, the chief operating officer owned 316,907 shares in the company, valued at approximately $5,320,868.53. This represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

David Rivas also recently made the following trade(s):

• On Friday, May 29th, David Rivas sold 499,328 shares of Rigetti Computing stock. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20.
• On Friday, May 22nd, David Rivas sold 18,759 shares of Rigetti Computing stock. The stock was sold at an average price of $22.96, for a total value of $430,706.64.

Rigetti Computing Stock Down 5.5%

Shares of RGTI stock opened at $16.07 on Friday. The stock’s 50-day moving average price is $17.44 and its 200 day moving average price is $17.73. The stock has a market capitalization of $5.36 billion, a PE ratio of -17.86 and a beta of 1.99. Rigetti Computing, Inc. has a 52-week low of $12.53 and a 52-week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%.The company had revenue of $5.14 million during the quarter, compared to analysts’ expectations of $5.09 million. Analysts expect that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on RGTI shares. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Mizuho reduced their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Weiss Ratings lowered shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Finally, Benchmark assumed coverage on Rigetti Computing in a report on Monday, July 27th. They issued a “buy” rating and a $25.00 price target for the company. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing presently has an average rating of “Moderate Buy” and a consensus price target of $30.67.

Rigetti Computing News Summary

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.

Institutional Investors Weigh In On Rigetti Computing

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

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.