Key Points
- Rigetti CFO Jeffrey Bertelsen sold 25,000 shares at an average price of $15, generating $375,000. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his direct ownership by 12.95% to 168,067 shares.
- Rigetti reported quarterly revenue of $5.14 million and an adjusted loss of $0.05 per share, matching analyst expectations. The company remains unprofitable, with a negative net margin and analysts forecasting a full-year loss of $0.27 per share.
- Analyst opinions are mixed, with seven Buy, four Hold, and two Sell ratings; the consensus rating is Hold with a target price of $30.67. Institutional investors own 35.38% of Rigetti’s stock, while the shares recently traded near $15.20.
Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) CFO Jeffrey Bertelsen sold 25,000 shares of Rigetti Computing stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the sale, the chief financial officer directly owned 168,067 shares of the company's stock, valued at $2,521,005. The trade was a 12.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rigetti Computing Trading Up 0.1%
RGTI opened at $15.20 on Friday. The stock's 50-day moving average price is $16.42 and its 200 day moving average price is $17.65. Rigetti Computing, Inc. has a 12-month low of $12.53 and a 12-month high of $58.15. The firm has a market cap of $5.07 billion, a price-to-earnings ratio of -16.89 and a beta of 2.00.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. On average, research analysts forecast that Rigetti Computing, Inc. will post -0.27 earnings per share for the current year.
Institutional Trading of Rigetti Computing
Several hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its position in shares of Rigetti Computing by 1,861.8% during the 2nd quarter. California State Teachers Retirement System now owns 7,414,688 shares of the company's stock worth $143,252,000 after acquiring an additional 7,036,733 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Rigetti Computing by 1,632.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company's stock valued at $56,954,000 after purchasing an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in Rigetti Computing in the second quarter valued at approximately $21,887,000. Norges Bank purchased a new position in Rigetti Computing in the fourth quarter valued at approximately $38,889,000. Finally, Defiance ETFs LLC purchased a new position in Rigetti Computing in the fourth quarter valued at approximately $34,267,000. Institutional investors and hedge funds own 35.38% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on the stock. Mizuho cut their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 12th. Rosenblatt Securities reissued a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Benchmark started coverage on shares of Rigetti Computing in a research note on Monday, July 27th. They issued a "buy" rating and a $25.00 price target for the company. Wedbush started coverage on Rigetti Computing in a research report on Monday, August 3rd. They set an "outperform" rating and a $40.00 price objective on the stock. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $18.00 price objective on shares of Rigetti Computing in a research note on Friday, August 7th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $30.67.
Read Our Latest Stock Analysis on Rigetti Computing
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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