Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) CFO Jeffrey Bertelsen sold 3,860 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.89, for a total value of $65,195.40. Following the sale, the chief financial officer directly owned 168,067 shares in the company, valued at $2,838,651.63. This trade represents a 2.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Rigetti Computing Stock Down 5.5%
NASDAQ:RGTI opened at $16.07 on Friday. The firm has a 50 day moving average of $17.44 and a 200 day moving average of $17.73. The stock has a market capitalization of $5.36 billion, a price-to-earnings ratio of -17.86 and a beta of 1.99. Rigetti Computing, Inc. has a 52 week low of $12.53 and a 52 week high of $58.15.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The firm had revenue of $5.14 million during the quarter, compared to analyst estimates of $5.09 million. As a group, analysts expect that Rigetti Computing, Inc. will post -0.27 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of RGTI. Danske Bank A S acquired a new position in Rigetti Computing during the 3rd quarter worth $30,000. Parallel Advisors LLC raised its position in Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company's stock valued at $32,000 after purchasing an additional 871 shares in the last quarter. Heritage Wealth Advisors boosted its stake in shares of Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock valued at $26,000 after buying an additional 954 shares during the period. Larson Financial Group LLC increased its stake in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock worth $27,000 after buying an additional 707 shares during the period. Finally, EFG International AG acquired a new stake in Rigetti Computing in the fourth quarter valued at approximately $28,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.
Rigetti Computing News Roundup
Here are the key news stories impacting Rigetti Computing this week:
- Positive Sentiment: Rigetti reported strong second-quarter revenue growth to $5.14 million from $1.80 million a year earlier. The company also highlighted a U.S. Department of Commerce letter of intent for up to $100 million in quantum R&D support and commercial system deliveries involving partners including Nvidia and HPE. Did Quantum Revenue Surge And US$100 Million R&D Backing Just Shift Rigetti Computing's Investment Narrative?
- Positive Sentiment: The company created a dedicated Systems Delivery organization to support growing demand for on-premises quantum systems. David Rivas became chief operating officer, while Andrew Bestwick was appointed chief technology officer to focus on chip development and hardware engineering. Rigetti said the structure should improve customer deployments and help advance its target of 99.5% median two-qubit gate fidelity for its Cepheus-1-108Q system. Rigetti Computing Establishes Dedicated Systems Delivery Organization
- Neutral Sentiment: Board member Dr. Ray Johnson announced an upcoming resignation, adding to investor focus on governance and management changes. The available report does not indicate that the resignation reflects a change in business strategy. Rigetti Computing Announces Upcoming Board Member Resignation
- Negative Sentiment: Rigetti shares declined along with other quantum-computing stocks, including IonQ and D-Wave, in a broad sector selloff. The report cited no specific company news driving the industry-wide move, suggesting risk reduction across a volatile category. Quantum Stock Selloff
- Negative Sentiment: The reorganization was interpreted by some investors as a leadership shake-up, particularly because it separates systems delivery from chip development. Although management described the changes as an effort to improve execution, investors may remain concerned about transition risk and the company’s ability to meet technology and deployment milestones. Rigetti Shares Plunge After Major Leadership Shake-Up
- Negative Sentiment: CTO Andrew Bestwick, COO David Rivas, and CFO Jeffrey Bertelsen sold shares to cover tax withholding obligations tied to vested equity awards. The transactions were relatively small portions of their remaining holdings, but the absence of reported insider purchases adds to a cautious sentiment around RGTI.
Analysts Set New Price Targets
RGTI has been the topic of a number of research analyst reports. Rosenblatt Securities reissued a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Weiss Ratings downgraded Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 11th. Wedbush assumed coverage on shares of Rigetti Computing in a report on Monday, August 3rd. They issued an "outperform" rating and a $40.00 price objective on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $31.00 target price on shares of Rigetti Computing in a report on Tuesday, May 12th. Finally, Mizuho lowered their price target on Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating for the company in a research report on Tuesday, May 12th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $30.67.
Read Our Latest Stock Analysis on RGTI
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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