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Cathy McCarthy, a director at Rigetti Computing, Inc. (NASDAQ:RGTI), recently sold a significant portion of her holdings in the company. On March 11, McCarthy sold 150,000 shares of Rigetti Computing’s common stock, with the transactions executed at prices ranging from $8.00 to $8.015 per share. This sale amounted to a total value of approximately $1.2 million. Following this transaction, McCarthy holds 234,234 shares in the company. The timing of the sale coincides with RGTI’s remarkable 880% surge over the past six months, though InvestingPro analysis indicates the stock is currently trading above its Fair Value.
Rigetti Computing, based in Berkeley, California, is known for its work in quantum computing technology and continues to be a key player in the tech industry. With a market capitalization of $2.3 billion and analyst price targets ranging from $12 to $17, the company maintains a strong financial position with a current ratio of 17.4. InvestingPro subscribers can access 12 additional key insights about RGTI’s financial health and growth prospects through the comprehensive Pro Research Report.
In other recent news, Rigetti Computing reported a challenging Q4 2024, with earnings per share significantly missing forecasts at -$0.68 compared to an expected -$0.08. The company’s revenue also fell short, coming in at $2.3 million against a projected $2.52 million, marking a decline from $3.4 million in the same quarter the previous year. Despite these financial setbacks, Rigetti Computing has made notable advancements, including the launch of its 84-qubit ANCA3 quantum system. The company raised $153.3 million through equity offerings, boosting its cash reserves to $217.2 million. Rigetti also entered into a strategic collaboration with Quanta Computer Inc., with both companies committing over $100 million each to advance superconducting quantum computing technologies. Analysts have shown interest in Rigetti’s strategic direction, focusing on its scaling approach and potential government funding initiatives. Additionally, Rigetti sold a Novera QPU to Montana State University, marking its first sale to an academic institution. These developments highlight Rigetti’s ongoing efforts to maintain a competitive edge in the quantum computing industry.
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