Rigetti Computing, Inc. (NASDAQ:RGTI) Director Sells $628,750.00 in Stock

On December 9th, Michael S. Clifton, a director at Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report), sold 125,000 shares of the company's stock. The average selling price was $5.03, leading to a total transaction value of $628,750. Following this sale, Clifton owns a total of 1,063,864 shares, which are now valued at approximately $5,351,235.92. This recent sale marks a 10.51% decrease in Clifton's ownership stake in the company. This transaction was officially reported in a filing with the SEC, accessible through their website.

Rigetti Computing Price Performance

On the same day, RGTI shares experienced an uptick, increasing by $0.09 to reach $4.47 during trading hours. A significant volume of 131,510,484 shares changed hands, notably higher than the average trading volume of 68,300,328 shares. Rigetti’s stock has a 50-day simple moving average of $1.53 and a 200-day average of $1.15. With a market capitalization of $859.58 million, the company's price-to-earnings (P/E) ratio stands at -11.53, while the beta is reported at 2.71. The company’s shares have seen a low of $1.13 and a high of $5.09 over the past year. Rigetti Computing exhibits strong liquidity with a current ratio of 4.84, a quick ratio of 4.84, and a modest debt-to-equity ratio of 0.02.

Wall Street Analysts Forecast Growth

Rigetti Computing's stock has garnered attention from several analysts recently. B. Riley raised their target price for RGTI from $3.50 to $4.00, assigning a "buy" rating in their research report dated November 25th. On November 14th, Benchmark reiterated a "buy" rating and maintained a price target of $2.50. Additionally, Needham & Company LLC reaffirmed a "buy" stance with a price goal of $2.00 in their report dated November 13th.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently changed their stakes in Rigetti Computing. SG Americas Securities LLC made a new investment during the second quarter valued at roughly $25,000. Comprehensive Financial Consultants Institutional Inc. obtained a position in the same quarter worth about $27,000. Furthermore, Cetera Advisors LLC acquired $38,000 worth of Rigetti shares in the first quarter, while Caprock Group LLC invested approximately $42,000 in the second quarter. Arete Wealth Advisors LLC also purchased shares valued at $45,000 in the most recent quarter. Overall, institutional investors hold approximately 35.38% of the company's total stock.

About Rigetti Computing

Rigetti Computing, Inc. specializes in constructing quantum computers and superconducting quantum processors through its subsidiaries. They provide a cloud service that offers quantum processing units, including a 9-qubit chip and the Ankaa-2 system, marketed under the Novera brand. Additionally, the company sells access to their quantum computing capabilities as a service.

Investing Insights

Before making investment decisions involving Rigetti Computing, it is advisable to consider other options that might present better opportunities. Analysis from various top-rated research analysts has identified several stocks they recommend over Rigetti, indicating that while RGTI has a "Buy" rating, other stocks could offer more potential.

Rigetti, stock, sale