Rigetti Computing, Inc. (NASDAQ:RGTI) Director Sells $500,000.00 in Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now directly owns 1,188,864 shares in the company, valued at $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $4.38 on Monday. The company’s 50 day moving average is $1.53 and its two-hundred day moving average is $1.15. The firm has a market cap of $842.27 million, a PE ratio of -11.53 and a beta of 2.72. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing, Inc. has a 52-week low of $1.13 and a 52-week high of $4.39.

Institutional Trading of Rigetti Computing

Several hedge funds have recently modified their holdings of the stock. Penserra Capital Management LLC increased its holdings in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the period. Vanguard Group Inc. grew its position in shares of Rigetti Computing by 17.0% during the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after buying an additional 753,110 shares in the last quarter. Cetera Advisors LLC purchased a new stake in shares of Rigetti Computing during the first quarter worth approximately $38,000. Bank of New York Mellon Corp lifted its stake in Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after acquiring an additional 400,143 shares during the last quarter. Finally, Caprock Group LLC purchased a new position in Rigetti Computing in the second quarter worth approximately $42,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on RGTI shares. B. Riley boosted their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Benchmark reaffirmed a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th.

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.