Rigetti Computing (NASDAQ:RGTI) Shares Gap Down on Insider Selling

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $17.14, but opened at $16.71. Rigetti Computing shares last traded at $16.83, with a volume of 7,853,871 shares changing hands.

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

Analyst Ratings Changes

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

Rigetti Computing Trading Up 0.1%

The company has a market cap of $4.98 billion, a price-to-earnings ratio of -24.51 and a beta of 1.43. The firm has a 50-day moving average price of $12.43 and a 200 day moving average price of $11.10.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in the company. Truist Financial Corp lifted its stake in Rigetti Computing by 21.2% during the second quarter. Truist Financial Corp now owns 41,273 shares of the company’s stock worth $489,000 after purchasing an additional 7,211 shares during the last quarter. Greenhouse Wealth Management LLC bought a new position in shares of Rigetti Computing in the 2nd quarter worth about $162,000. Janney Montgomery Scott LLC lifted its position in shares of Rigetti Computing by 19.0% in the 2nd quarter. Janney Montgomery Scott LLC now owns 30,968 shares of the company’s stock worth $367,000 after buying an additional 4,944 shares during the last quarter. Avior Wealth Management LLC bought a new position in Rigetti Computing in the second quarter worth about $121,000. Finally, ORG Wealth Partners LLC lifted its holdings in Rigetti Computing by 666.7% in the second quarter. ORG Wealth Partners LLC now owns 11,500 shares of the company’s stock worth $130,000 after acquiring an additional 10,000 shares during the last quarter. 35.38% of the stock is currently owned by 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.