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

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 5.1% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $15.84 and last traded at $16.07. Approximately 24,690,027 shares were traded during mid-day trading, a decline of 20% from the average daily 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 that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the transaction, the chief technology officer owned 651,914 shares in the company, valued at approximately $11,421,533.28. This trade represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the sale, the chief financial officer owned 175,609 shares of the company’s stock, 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 Analysts Forecast Growth

RGTI has been the subject of a number of recent research reports. Needham & Company LLC cut their target price on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Mizuho dropped their price objective 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. Royal Bank Of Canada cut shares of Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. TD Cowen downgraded shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Finally, B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $32.70.

Rigetti Computing Stock Down 5.1%

The stock has a 50-day simple moving average of $19.81 and a 200 day simple moving average of $25.81. The company has a market cap of $5.30 billion, a PE ratio of -23.63 and a beta of 1.71.

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, topping analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $1.87 million during the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Tempo Wealth LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter valued at about $617,000. Corient Private Wealth LLC raised its stake in shares of Rigetti Computing by 312.1% in the 4th quarter. Corient Private Wealth LLC now owns 61,759 shares of the company’s stock valued at $1,368,000 after acquiring an additional 46,774 shares during the period. Vident Advisory LLC lifted its holdings in shares of Rigetti Computing by 2.8% in the 4th quarter. Vident Advisory LLC now owns 44,611 shares of the company’s stock worth $988,000 after acquiring an additional 1,218 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Rigetti Computing in the 4th quarter worth approximately $23,459,000. Finally, Wellington Management Group LLP boosted its position in shares of Rigetti Computing by 27.3% during the 4th quarter. Wellington Management Group LLP now owns 1,007,337 shares of the company’s stock worth $22,313,000 after purchasing an additional 215,817 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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.