David Rivas Sells 351,785 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Rigetti Computing Stock Performance

NASDAQ:RGTI traded up $0.14 during trading hours on Tuesday, reaching $8.05. 46,533,085 shares of the company’s stock were exchanged, compared to its average volume of 44,582,889. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -21.18 and a beta of 1.36. The company has a 50-day moving average of $11.76 and a 200 day moving average of $5.97.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter last year, the firm earned ($0.04) earnings per share. Research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its holdings in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares during the period. Penserra Capital Management LLC lifted its position in shares of Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the last quarter. State Street Corp increased its stake in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after purchasing an additional 47,013 shares during the last quarter. Finally, Barclays PLC grew its position in Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after purchasing an additional 136,443 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on RGTI shares. Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. B. Riley lifted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Benchmark restated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reiterated a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $14.50.

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.