Key Points
- Rigetti Computing CTO David Rivas sold 499,328 shares on May 29 at an average price of $25.40, totaling about $12.68 million. After the sale, he still held 325,945 shares, a 60.5% reduction in his ownership.
- Rigetti recently reported better-than-expected quarterly results, posting a loss of $0.04 per share versus the expected $0.05 loss and revenue of $4.4 million, up 198.9% year over year. Analysts currently expect the company to lose $0.19 per share for the year.
- Wall Street remains cautiously constructive on RGTI, with eight Buy ratings, four Holds, and one Sell, and an average price target of $29.18. Shares last traded at $25.63, below several analyst targets but well above the company’s 12-month low.
Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) CTO David Rivas sold 499,328 shares of the firm's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer owned 325,945 shares of the company's stock, valued at $8,279,003. This trade represents a 60.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
David Rivas also recently made the following trade(s):
- On Friday, May 22nd, David Rivas sold 18,759 shares of Rigetti Computing stock. The shares were sold at an average price of $22.96, for a total value of $430,706.64.
- On Tuesday, March 10th, David Rivas sold 36,719 shares of Rigetti Computing stock. The shares were sold at an average price of $17.52, for a total value of $643,316.88.
Rigetti Computing Price Performance
Shares of Rigetti Computing stock opened at $25.63 on Tuesday. The business has a 50-day moving average of $17.99 and a 200 day moving average of $20.39. Rigetti Computing, Inc. has a 12 month low of $10.30 and a 12 month high of $58.15. The stock has a market capitalization of $8.52 billion, a price-to-earnings ratio of -29.46 and a beta of 1.88.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. The company had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.Rigetti Computing's revenue for the quarter was up 198.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.05) EPS. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.19 earnings per share for the current year.
Institutional Investors Weigh In On Rigetti Computing
Several hedge funds and other institutional investors have recently made changes to their positions in RGTI. Heritage Wealth Advisors raised its position in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock worth $26,000 after acquiring an additional 954 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock worth $27,000 after acquiring an additional 707 shares in the last quarter. PeakShares LLC acquired a new stake in shares of Rigetti Computing during the 1st quarter worth about $28,000. EFG International AG acquired a new stake in shares of Rigetti Computing during the 4th quarter worth about $28,000. Finally, Tsfg LLC raised its position in shares of Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company's stock worth $29,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.
Wall Street Analysts Forecast Growth
RGTI has been the topic of a number of analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, March 5th. Benchmark reduced their price target on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, March 20th. Mizuho reduced their price target on Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 12th. Wall Street Zen raised Rigetti Computing from a "sell" rating to a "hold" rating in a research report on Saturday, May 23rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Rigetti Computing has an average rating of "Moderate Buy" and an average price target of $29.18.
View Our Latest Research Report on RGTI
About Rigetti Computing
(
Get Free Report)
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.
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