Rigetti Computing Director Sells $500,000 in Stock

On December 6th, 2023, Michael S. Clifton, a director at Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report), executed a significant stock sale involving 125,000 shares of the company. The shares were sold at an average price of $4.00 each, culminating in a total transaction value of $500,000. As a result of this sale, Clifton's direct ownership in Rigetti Computing now stands at 1,188,864 shares, which are valued at approximately $4,755,456. This transaction indicates a reduction of 9.51% in Clifton's stock holdings. The details of this transaction have been formally reported in a filing with the Securities and Exchange Commission (SEC), which is publicly accessible.

Stock Performance Analysis

On the same day as the sale, shares of Rigetti Computing experienced a notable increase in trading, closing at $4.38, up by $1.20. During the trading session, approximately 132,391,813 shares changed hands, significantly higher than the company's average volume of 65,242,063 shares. Rigetti's stock has shown considerable volatility over the past year, with a low of $1.13 and a high of $4.39. Presently, the stock is trading above both its 50-day moving average of $1.45 and its 200-day moving average of $1.13. The company holds a market capitalization of around $842.26 million, with a price-to-earnings (P/E) ratio of -10.89, along with a beta of 2.72, indicating greater volatility compared to the broader market.

Analyst Outlook

Wall Street has shown interest in Rigetti Computing, with several research firms issuing reports on the stock. Benchmark maintained a "buy" rating while setting a price target of $2.50 per share. B. Riley recently increased its price target from $3.50 to $4.00, also assigning a "buy" rating. Furthermore, Needham & Company reiterated a "buy" recommendation with a price target of $2.00 per share. These varied price targets reflect differing perspectives on the company’s potential growth.

Institutional Investment Trends

Recent activity among institutional investors indicates growing interest in Rigetti Computing. Vanguard Group Inc. raised its stake by 17.0% in the first quarter, acquiring an additional 753,110 shares, bringing its total ownership to 5,185,200 shares valued at $7,933,000. Similarly, Penserra Capital Management LLC increased its position by 9.8%, Geode Capital Management LLC raised its investments by 20.6%, and State Street Corp boosted its holdings by 12.9%. Collectively, institutional players control approximately 35.38% of Rigetti’s stock, highlighting significant confidence from large investors.

About the Company

Rigetti Computing, Inc. specializes in the development of quantum computers and superconducting quantum processors. The company provides quantum computing services via cloud access, offering products like its 9-qubit chip and the Ankaa-2 system branded under Novera. Rigetti's focus on innovative technology positions it as a key player in the emerging field of quantum computing.

Rigetti, stocks, director