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David Rivas, Chief Technology Officer of Rigetti Computing, Inc. (NASDAQ:RGTI), a quantum computing company with a market capitalization of $2.26 billion, recently reported a significant stock sale. On March 11, Rivas sold 351,785 shares of the company’s common stock, generating approximately $2.73 million. According to InvestingPro data, RGTI stock has shown remarkable performance, delivering a 325% return over the past year despite current trading levels suggesting overvaluation. The shares were sold at a weighted average price of $7.763, with individual transaction prices ranging from $7.645 to $8.105. This sale was part of a nondiscretionary plan to cover tax obligations related to the settlement of restricted stock units (RSUs). The stock currently trades at $8.05, with significant volatility reflected in its 52-week range of $0.66 to $21.42.
Earlier, on March 10, Rivas acquired 200,000 shares of common stock through an RSU award. These shares were acquired at no cost, as part of a vesting schedule contingent upon his continued service with the company. Following these transactions, Rivas holds 1,094,738 shares of Rigetti Computing stock directly. Get deeper insights into RGTI’s valuation metrics and 10+ additional exclusive ProTips with a subscription to InvestingPro.
In other recent news, Rigetti Computing reported a challenging fourth quarter of 2024, with earnings per share (EPS) significantly missing expectations at -$0.68, compared to the forecasted -$0.08. Revenues also fell short, coming in at $2.3 million against an expected $2.52 million, marking a decline from $3.4 million in the same quarter last year. Despite these financial setbacks, Rigetti raised $153.3 million through equity offerings, increasing its cash reserves to $217.2 million. In addition to its financial updates, Rigetti announced a strategic collaboration with Quanta Computer, with both companies committing over $100 million each to develop superconducting quantum computing technologies. Quanta also plans to invest $35 million to purchase Rigetti common stock, pending regulatory approval. Rigetti’s advancements include the launch of its 84-qubit ANCA3 quantum system and a sale of a Novera QPU to Montana State University, marking its first academic institution sale. Analysts from firms such as B. Riley and Needham & Company discussed Rigetti’s strategic direction, highlighting the company’s focus on scaling its quantum systems and leveraging partnerships.
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