Rigetti Computing (NASDAQ:RGTI) Shares Gap Down on Insider Selling

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $17.14, but opened at $16.71. Rigetti Computing shares last traded at $16.83, with a volume of 7,853,871 shares traded.

Specifically, Director Michael S. Clifton sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the sale, the director owned 853,766 shares of the company’s stock, valued at approximately $12,806,490. This trade represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the firm’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of 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.

Analyst Upgrades and Downgrades

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

Rigetti Computing Stock Up 0.1%

The business’s 50 day moving average is $12.43 and its two-hundred day moving average is $11.10. The firm has a market capitalization 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 made changes to their positions in RGTI. Signaturefd LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth about $25,000. GAMMA Investing LLC raised its holdings in Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock worth $26,000 after purchasing an additional 3,064 shares in the last quarter. EverSource Wealth Advisors LLC bought a new stake in Rigetti Computing during the fourth quarter worth approximately $28,000. Center for Financial Planning Inc. bought a new stake in Rigetti Computing during the first quarter worth approximately $30,000. Finally, Quarry LP bought a new stake in shares of Rigetti Computing in the 1st quarter worth $31,000. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Company Profile

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.