Rigetti Computing (NASDAQ:RGTI) Shares Down 5.6% Following Insider Selling

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 5.6% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $16.30 and last traded at $16.18. Approximately 20,125,459 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 60,426,870 shares. The stock had previously closed at $17.14.

Specifically, Director Michael S. Clifton sold 25,000 shares of the business’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the sale, the director directly owned 853,766 shares of the company’s stock, valued at $12,806,490. The trade was a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ray O. Johnson sold 40,420 shares of the business’s stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the transaction, the director owned 419,756 shares in the company, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price target on the stock. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a report on Wednesday. Benchmark restated a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Needham & Company LLC cut their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, May 14th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $14.83.

Rigetti Computing Price Performance

The stock has a market capitalization of $4.98 billion, a PE ratio of -24.51 and a beta of 1.43. The stock’s 50 day simple moving average is $12.43 and its two-hundred day simple moving average is $11.10.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC purchased a new position in Rigetti Computing in the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing in the fourth quarter valued at about $28,000. Tucker Asset Management LLC purchased a new position in Rigetti Computing in the fourth quarter valued at about $32,000. Armstrong Advisory Group Inc. boosted its stake in Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after acquiring an additional 2,060 shares during the last quarter. Finally, Orion Capital Management LLC purchased a new position in Rigetti Computing in the fourth quarter valued at about $46,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

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.