Rigetti Computing Director Sells $628,750 in Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) has recently witnessed a significant transaction involving its Director, Michael S. Clifton. On December 9th, Clifton sold 125,000 shares of the company’s stock at an average price of $5.03 per share. This action totaled $628,750. Following this sale, Clifton now holds 1,063,864 shares in Rigetti, which are currently valued at approximately $5,351,235.92. This transaction marks a 10.51% decrease in his ownership position with the company. The details of this sale were made public through a filing with the SEC.

Stock performance data indicates that Rigetti Computing's shares traded up by $0.09 on the day the sale occurred, reaching a price of $4.47. A total of 131,510,484 shares exchanged hands, which is significantly higher than the average volume of 68,300,328 shares. The company's stock has experienced a 50-day simple moving average of $1.53 and a 200-day moving average of $1.15. Rigetti Computing currently boasts a market capitalization of $859.58 million, with a price-to-earnings (P/E) ratio of -11.53 and a beta of 2.71. Over the past year, the company's stock hit a low of $1.13 and a high of $5.09. Additionally, Rigetti exhibits a current ratio of 4.84, a quick ratio of 4.84, and a debt-to-equity ratio of 0.02.

Wall Street Analysts Assess Rigetti Computing

Recent assessments by analysts have shown a positive outlook for Rigetti Computing. B. Riley has raised its target price from $3.50 to $4.00, declaring a “buy” rating for the company in its report dated November 25th. Benchmark also reaffirmed a “buy” rating, setting a price target of $2.50 on November 14th. Needham & Company LLC reiterated a “buy” rating with a target price of $2.00 as noted in their report from November 13th.

Investor Activity Related to Rigetti Computing

In addition, several large investors have recently altered their holdings in Rigetti. SG Americas Securities LLC acquired a new stake during the second quarter valued at around $25,000. Comprehensive Financial Consultants Institutional Inc. purchased a new position worth approximately $27,000 in the same period. Cetera Advisors LLC invested about $38,000 in Rigetti during the first quarter, while Caprock Group LLC acquired shares valued at $42,000 in the second quarter. Arete Wealth Advisors LLC also bought shares valued at approximately $45,000 in the third quarter. Currently, institutional investors hold around 35.38% of the company's stock.

About Rigetti Computing

Rigetti Computing, Inc. focuses on building quantum computers and superconducting quantum processors. The firm provides quantum processing units through its cloud services, offering products like the 9-qubit chip and Ankaa-2 system under the Novera brand. Additionally, Rigetti sells access to its quantum computers through a platform termed quantum computing as a service.

Rigetti, Computing, Stock