Michael S. Clifton Sells 125,000 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the transaction, the director now owns 1,313,864 shares in the company, valued at $3,941,592. This represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Rigetti Computing Stock Performance

Shares of RGTI opened at $2.20 on Wednesday. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market cap of $423.06 million, a P/E ratio of -5.79 and a beta of 2.13. The business’s 50 day moving average price is $1.16 and its 200-day moving average price is $1.04. Rigetti Computing, Inc. has a 52 week low of $1.13 and a 52 week high of $3.37.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley raised their price objective on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. raised its position in shares of Rigetti Computing by 17.0% in the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after purchasing an additional 753,110 shares during the last quarter. Geode Capital Management LLC increased its stake in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Penserra Capital Management LLC raised its holdings in Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after buying an additional 407,389 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after buying an additional 400,143 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after buying an additional 309,831 shares during the last quarter. 35.38% of the stock is owned by institutional investors.

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.