Rigetti Computing Director Sells $500,000 in Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) recently saw Michael S. Clifton, a director at the company, sell 125,000 shares of stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00 each, totaling $500,000 for the transaction. Following this sale, Clifton now directly owns 1,188,864 shares of Rigetti Computing, which have a value of approximately $4,755,456. This sale reflects a 9.51% decrease in Clifton's ownership stake in the company. The details of this transaction have been disclosed in a filing with the Securities and Exchange Commission, which can be reviewed via their official website.

As for Rigetti Computing's stock performance, shares of NASDAQ:RGTI experienced an increase of $1.20 on that particular Friday, reaching a price of $4.38. A total of 132,391,813 shares were traded, surpassing the average trading volume of 65,242,063. The company has recorded a low of $1.13 and a high of $4.39 over the past year. Its 50-day moving average price stands at $1.45, while the 200-day moving average price is $1.13. Currently, Rigetti Computing has a market capitalization of $842.26 million and shows a debt-to-equity ratio of 0.02.

Analyst Ratings and Price Targets

Various research firms have recently weighed in on Rigetti Computing's stock, providing differing price targets and ratings. For instance, Benchmark reaffirmed a "buy" rating with a price target of $2.50 per share on November 14th. On the other hand, B. Riley increased their price target for Rigetti from $3.50 to $4.00, maintaining a "buy" rating as of November 25th. Additionally, Needham & Company reaffirmed a "buy" rating with a lower price target of $2.00 as reported on November 13th.

Institutional Investors' Involvement

Institutional investors have also been active in changing their positions in Rigetti Computing. Vanguard Group Inc. increased its stake by 17% during the first quarter, now holding 5,185,200 shares valued at around $7,933,000 after acquisition of an additional 753,110 shares. Similarly, Penserra Capital Management raised its investment by 9.8% in the third quarter and currently holds 4,553,633 shares valued at $3,565,000. Other institutions like Geode Capital Management and State Street Corp also increased their holdings, showing significant institutional interest. Currently, institutional and hedge fund ownership accounts for approximately 35.38% of the stock.

About Rigetti Computing

Rigetti Computing, Inc. focuses on the development of quantum computers and superconducting quantum processors. The company provides cloud-based access to its quantum processing units, including a 9-qubit chip and the Ankaa-2 system, available via quantum computing as a service.

Rigetti, Stock, Director