Rigetti Computing (NASDAQ:RGTI) Shares Down 5.1% After Insider Selling

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 5.1% during mid-day trading on Thursday following insider selling activity. The company traded as low as $15.84 and last traded at $16.07. 24,690,027 shares were traded during mid-day trading, a decline of 20% from the average session volume of 31,055,541 shares. The stock had previously closed at $16.94.

Specifically, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the transaction, the chief technology officer owned 651,914 shares of the company’s stock, valued at $11,421,533.28. The trade was a 5.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the sale, the chief financial officer directly owned 175,609 shares in the company, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Wall Street Analyst Weigh In

RGTI has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Mizuho cut their price target on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Wedbush boosted their price target on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Benchmark decreased their price target on shares of Rigetti Computing from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Finally, Jefferies Financial Group assumed coverage on Rigetti Computing in a research report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price objective on the stock. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Rigetti Computing has a consensus rating of “Moderate Buy” and a consensus price target of $32.70.

Rigetti Computing Stock Down 5.1%

The company has a market capitalization of $5.30 billion, a PE ratio of -23.63 and a beta of 1.71. The firm’s 50-day moving average is $19.93 and its 200-day moving average is $25.88.

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

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Rigetti Computing by 12.2% in the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after buying an additional 3,924,171 shares during the last quarter. State Street Corp boosted its stake in Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after buying an additional 946,850 shares in the last quarter. Geode Capital Management LLC grew its position in Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after acquiring an additional 196,891 shares during the last quarter. Marex Group plc purchased a new position in shares of Rigetti Computing during the second quarter worth approximately $87,414,000. Finally, UBS Group AG raised its stake in shares of Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after acquiring an additional 1,467,483 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.