Helene Gail Sandford Sells 62,000 Shares of Rigetti Computing (NASDAQ:RGTI) Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the completion of the sale, the director owned 120,371 shares of the company’s stock, valued at $5,403,454.19. This trade represents a 34.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Helene Gail Sandford also recently made the following trade(s):

• On Friday, September 19th, Helene Gail Sandford sold 17,635 shares of Rigetti Computing stock. The stock was sold at an average price of $24.75, for a total value of $436,466.25.
• On Friday, September 12th, Helene Gail Sandford sold 25,000 shares of Rigetti Computing stock. The stock was sold at an average price of $18.54, for a total transaction of $463,500.00.

Rigetti Computing Price Performance

RGTI stock opened at $46.38 on Friday. The firm has a market cap of $15.04 billion, a price-to-earnings ratio of -61.03 and a beta of 1.60. Rigetti Computing, Inc. has a 1-year low of $0.98 and a 1-year high of $58.15. The firm has a fifty day moving average price of $26.28 and a two-hundred day moving average price of $16.85.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The business had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. As a group, analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Avior Wealth Management LLC acquired a new stake in Rigetti Computing in the second quarter worth about $121,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Rigetti Computing by 176.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,955 shares of the company’s stock worth $521,000 after acquiring an additional 28,081 shares during the period. ORG Wealth Partners LLC boosted its holdings in shares of Rigetti Computing by 666.7% in the second quarter. ORG Wealth Partners LLC now owns 11,500 shares of the company’s stock valued at $130,000 after acquiring an additional 10,000 shares in the last quarter. H&H Retirement Design & Management INC bought a new position in shares of Rigetti Computing in the second quarter valued at approximately $281,000. Finally, Rhumbline Advisers increased its stake in shares of Rigetti Computing by 17.0% during the first quarter. Rhumbline Advisers now owns 273,818 shares of the company’s stock valued at $2,169,000 after acquiring an additional 39,743 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on RGTI shares. Williams Trading set a $50.00 target price on Rigetti Computing in a report on Tuesday, October 7th. Needham & Company LLC boosted their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Benchmark increased their target price on Rigetti Computing from $20.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, B. Riley boosted their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus price target of $28.29.

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.