Rigetti Computing (NASDAQ:RGTI) Shares Down 5.6% Following Insider Selling

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 5.6% during trading on Friday after an insider sold shares in the company. The stock traded as low as $16.30 and last traded at $16.18. 20,125,459 shares changed hands during trading, a decline of 67% from the average session volume of 60,426,870 shares. The stock had previously closed at $17.14.

Specifically, Director Michael S. Clifton sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the sale, the director directly owned 853,766 shares in the company, valued at approximately $12,806,490. This represents a 2.84% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the company’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $606,300.00. Following the sale, the director owned 419,756 shares in the company, valued at $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RGTI. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price target on the stock. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research note on Wednesday. Needham & Company LLC dropped their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, May 14th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Wednesday. Finally, Benchmark reaffirmed a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $14.83.

Rigetti Computing Trading Up 0.1%

The stock’s fifty day moving average is $12.43 and its two-hundred day moving average is $11.10. The firm has a market cap of $4.98 billion, a P/E ratio of -24.51 and a beta of 1.43.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System increased its holdings in Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock worth $176,000 after acquiring an additional 1,301 shares during the period. US Bancorp DE increased its holdings in shares of Rigetti Computing by 29.4% in the 1st quarter. US Bancorp DE now owns 6,248 shares of the company’s stock worth $49,000 after buying an additional 1,420 shares during the last quarter. Signaturefd LLC bought a new position in shares of Rigetti Computing in the 4th quarter worth $25,000. Amalgamated Bank increased its holdings in shares of Rigetti Computing by 33.1% in the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company’s stock worth $52,000 after buying an additional 1,622 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Rigetti Computing by 14.9% in the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock worth $214,000 after buying an additional 1,817 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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.