Insider Selling: Rigetti Computing, Inc. (NASDAQ:RGTI) Major Shareholder Sells 580,125 Shares of Stock

Rigetti Computing, Inc. (NASDAQ:RGTI) major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the sale, the insider now directly owns 19,002,093 shares of the company’s stock, valued at $30,973,411.59. The trade was a 2.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Rigetti Computing Trading Down 7.8 %

NASDAQ:RGTI traded down $0.11 during mid-day trading on Monday, hitting $1.30. 12,736,709 shares of the company’s stock were exchanged, compared to its average volume of 17,717,129. Rigetti Computing, Inc. has a one year low of $1.13 and a one year high of $1.89. The business has a fifty day moving average price of $1.04 and a 200 day moving average price of $1.02.

Analyst Ratings Changes

RGTI has been the subject of several research analyst reports. B. Riley raised their target price on shares of Rigetti Computing from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Benchmark reaffirmed a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday. Finally, Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Rigetti Computing by 17.0% during the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after buying an additional 753,110 shares during the last quarter. Penserra Capital Management LLC raised its position in shares of Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Geode Capital Management LLC boosted its stake in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares in the last quarter. State Street Corp grew its position in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares in the last quarter.

Rigetti Computing Company Profile

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.