Rigetti Computing Director Sells $628,750 in Stock

On December 9th, Michael S. Clifton, a Director at Rigetti Computing, Inc. (NASDAQ:RGTI), executed the sale of 125,000 shares of the company's stock. The shares were sold at an average price of $5.03, culminating in a total transaction value of $628,750. Following this sale, Clifton's ownership in the company is reduced to 1,063,864 shares, with a current valuation of $5,351,235.92. This recent sale indicates a decrease of 10.51% in his stock holdings. The details of this transaction were disclosed in a filing with the U.S. Securities and Exchange Commission (SEC), which is accessible through the SEC's website.

Rigetti Computing Price Performance

On the day of the transaction, Rigetti Computing stock experienced a slight uptick, trading up by $0.09 and reaching $4.47 during the trading session. Approximately 131,510,484 shares exchanged hands, significantly exceeding the stock's average trading volume of 68,300,328 shares. Rigetti Computing has demonstrated notable performance over time, with a 50-day simple moving average recorded at $1.53 and a 200-day simple moving average at $1.15. The company currently has a market capitalization of $859.58 million, with a price-to-earnings (P/E) ratio of -11.53 and a beta of 2.71. In the past year, the stock has fluctuated between a low of $1.13 and a high of $5.09, reflecting the volatility in the company's performance. Rigetti Computing also boasts strong liquidity with a current ratio of 4.84, a quick ratio of 4.84, and a low debt-to-equity ratio of 0.02.

Wall Street Analysts Forecast Growth

Analysts have begun to take notice of Rigetti Computing, with several recent reports suggesting a positive outlook for the company. On November 25th, B. Riley raised their target price on the shares from $3.50 to $4.00 and assigned a "buy" rating. Benchmark reasserted a "buy" rating with a price target of $2.50 on November 14th, while Needham & Company LLC reiterated a "buy" rating and set a price objective of $2.00 on November 13th. These ratings indicate strong confidence in Rigetti's future prospects from multiple investment firms.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have shown interest in Rigetti Computing, adjusting their positions accordingly in recent quarters. SG Americas Securities LLC acquired a new stake in the second quarter valued at approximately $25,000. Comprehensive Financial Consultants Institutional Inc. also entered the market with a new position worth about $27,000 during the same period. Other notable investments include Cetera Advisors LLC with a new position valued at $38,000 and Caprock Group LLC with a stake worth $42,000. In total, institutional ownership in Rigetti Computing stands at approximately 35.38%.

About Rigetti Computing

Rigetti Computing, Inc. specializes in the development of quantum computers and superconducting quantum processors. The company offers a cloud service featuring quantum processing units, including the 9-qubit chip and Ankaa-2 system under the Novera brand, and provides access to its quantum computers through a quantum computing as a service model.

Rigetti, Stock, Sale