Rigetti Computing (NASDAQ:RGTI) CFO Jeffrey Bertelsen Sells 4,270 Shares of Stock

by · The Markets Daily

Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) CFO Jeffrey Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Rigetti Computing Stock Down 5.5%

Shares of NASDAQ RGTI traded down $0.93 during mid-day trading on Thursday, hitting $16.01. 7,682,485 shares of the company traded hands, compared to its average volume of 30,638,879. Rigetti Computing, Inc. has a 1 year low of $6.86 and a 1 year high of $58.15. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of -23.53 and a beta of 1.71. The business has a 50 day moving average of $19.93 and a two-hundred day moving average of $25.88.

Rigetti Computing (NASDAQ:RGTI – Get Free Report) last announced its earnings results on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The company had revenue of $1.87 million during the quarter, compared to analysts’ expectations of $2.33 million. The firm’s revenue was down 17.9% on a year-over-year basis. As a group, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently modified their holdings of RGTI. Vanguard Group Inc. boosted its position in shares of Rigetti Computing by 12.2% during the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after buying an additional 3,924,171 shares during the period. State Street Corp boosted its position in Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after acquiring an additional 946,850 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Rigetti Computing by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after acquiring an additional 196,891 shares in the last quarter. Marex Group plc bought a new position in shares of Rigetti Computing during the 2nd quarter worth approximately $87,414,000. Finally, UBS Group AG raised its holdings in shares of Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after purchasing an additional 1,467,483 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on RGTI. Jefferies Financial Group began coverage on Rigetti Computing in a report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target for the company. Wedbush boosted their price objective on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. TD Cowen lowered shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Benchmark dropped their price objective on Rigetti Computing from $40.00 to $35.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Finally, Royal Bank Of Canada cut shares of Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus price target of $32.70.

Read Our Latest Stock Analysis on Rigetti Computing

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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