Key Points
- Rigetti director Ray Johnson sold 84,944 shares on June 22 at an average price of $20.55, worth about $1.75 million. After the sale, he still owned 95,537 shares, and the trade was made under a pre-arranged Rule 10b5-1 plan.
- Rigetti’s latest results topped expectations, with quarterly EPS of -$0.04 versus a -$0.05 consensus and revenue of $4.40 million versus $4.09 million expected. Revenue jumped 198.9% year over year, though the company remains unprofitable.
- Wall Street remains generally constructive on the stock, with eight Buy ratings, four Holds, and one Sell, for an average Moderate Buy rating and target price of $29.18. Shares recently traded around $21.38, below the average analyst target.
Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) Director Ray Johnson sold 84,944 shares of the business's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $20.55, for a total value of $1,745,599.20. Following the completion of the sale, the director owned 95,537 shares in the company, valued at $1,963,285.35. This represents a 47.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rigetti Computing Price Performance
Shares of Rigetti Computing stock opened at $21.38 on Tuesday. The business has a 50-day moving average of $20.21 and a 200 day moving average of $20.03. 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 $7.11 billion, a price-to-earnings ratio of -24.57 and a beta of 1.88.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. The company had revenue of $4.40 million during the quarter, compared to the consensus estimate 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 was up 198.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.05) EPS. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on RGTI. Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, June 11th. Northland Securities began coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They issued a "market perform" rating and a $20.00 price target for the company. Wall Street Zen upgraded shares of Rigetti Computing from a "sell" rating to a "hold" rating in a research note on Saturday, May 23rd. Benchmark cut their price objective 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. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Eight equities research 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 data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $29.18.
Read Our Latest Stock Report on Rigetti Computing
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the business. Danske Bank A S purchased a new position in shares of Rigetti Computing in the 3rd quarter valued at about $30,000. Parallel Advisors LLC lifted its stake in Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company's stock worth $32,000 after purchasing an additional 871 shares during the last quarter. Clearstead Advisors LLC purchased a new stake in Rigetti Computing during the third quarter worth approximately $35,000. Heritage Wealth Advisors boosted its holdings in Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock valued at $26,000 after purchasing an additional 954 shares in the last quarter. Finally, Larson Financial Group LLC increased its stake in Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock valued at $27,000 after purchasing an additional 707 shares during the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.
Rigetti Computing Company Profile
(
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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