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

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $47.97, but opened at $44.66. Rigetti Computing shares last traded at $44.78, with a volume of 43,956,441 shares.

Specifically, Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the transaction, the director owned 120,371 shares of the company’s stock, valued at approximately $5,403,454.19. The trade was a 34.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

RGTI has been the topic of several research reports. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Williams Trading set a $50.00 price objective on Rigetti Computing in a report on Tuesday, October 7th. Needham & Company LLC increased their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Cantor Fitzgerald assumed coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 target price for the company. Finally, Benchmark raised their price objective on Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.29.

Rigetti Computing Stock Down 3.3%

The business’s 50 day simple moving average is $26.28 and its two-hundred day simple moving average is $16.85. The stock has a market cap of $15.04 billion, a P/E ratio of -61.03 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The company had revenue of $1.80 million for the quarter, compared to analysts’ expectations of $1.87 million. As a group, research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently made changes to their positions in RGTI. IFP Advisors Inc increased its stake in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after buying an additional 1,300 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Rigetti Computing by 25.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock valued at $86,000 after purchasing an additional 587 shares during the period. Armstrong Advisory Group Inc. grew its position in Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after acquiring an additional 2,060 shares in the last quarter. Center for Financial Planning Inc. bought a new stake in Rigetti Computing in the first quarter worth $30,000. Finally, Quarry LP bought a new position in shares of Rigetti Computing during the first quarter valued at about $31,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.