Rigetti Computing (NASDAQ:RGTI) Director Sells $2,602,604.40 in Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Ray Johnson sold 122,188 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the sale, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. The trade was a 41.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rigetti Computing Stock Up 1.7%

NASDAQ:RGTI opened at $20.98 on Friday. The business’s 50-day moving average price is $19.36 and its two-hundred day moving average price is $20.23. Rigetti Computing, Inc. has a twelve month low of $10.30 and a twelve month high of $58.15. The stock has a market cap of $6.97 billion, a P/E ratio of -24.11 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The firm had revenue of $4.40 million for the quarter, compared to analysts’ expectations of $4.09 million. During the same quarter last year, the firm posted ($0.05) EPS. The company’s revenue was up 198.9% compared to the same quarter last year. On average, equities research analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RGTI. Mizuho lowered their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Northland Securities began coverage on Rigetti Computing in a report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a report on Thursday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $29.18.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Rigetti Computing by 12.2% during the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after buying an additional 3,924,171 shares in the last quarter. State Street Corp raised its holdings in shares of Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after buying an additional 946,850 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Rigetti Computing by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after buying an additional 196,891 shares in the last quarter. UBS Group AG raised its holdings in shares of Rigetti Computing by 90.9% during the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after buying an additional 1,467,483 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Rigetti Computing by 16.3% during the 3rd quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock valued at $84,785,000 after buying an additional 397,905 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other 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.