Clifton Michael S., a director at Rigetti Computing, Inc. (NASDAQ:RGTI), sold 125,000 shares of the company’s common stock on December 9, 2024. The shares were sold at a price of $5.03 each, amounting to a total transaction value of $628,750. The sale price was near the stock's 52-week high of $5.09, with InvestingPro analysis indicating overbought conditions. Following this sale, Clifton retains ownership of 1,063,864 shares in the company. This transaction was executed as part of a Rule 10b5-1 trading plan, which Clifton adopted on November 16, 2023. For deeper insights into RGTI's valuation and 15+ additional ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Rigetti Computing, a computer programming services provider, has been making significant strides in the quantum computing sector despite financial hurdles. The company recently finalized the termination of a loan agreement, settling its debt with a payment of approximately $10.5 million. This move demonstrates Rigetti's effective financial management, as it continues to navigate the competitive tech industry landscape.
In addition, Rigetti secured $100 million from a direct share offering, with the proceeds intended for working capital and general corporate purposes. This development comes as the company reported a decrease in revenues for Q3 2024, falling to $2.4 million from $3.1 million in the same quarter of the previous year. The gross margins also saw a decrease, dropping to 51%.
Despite these financial challenges, Rigetti has announced ambitious plans for the future. The company intends to introduce a new 36-qubit system by mid-2025 and a system with over 100 qubits by the end of 2025. Collaborations with Riverlane and NVIDIA (NASDAQ:NVDA) are central to Rigetti's strategy for quantum error correction and hybrid computing. These are among the recent developments for Rigetti Computing as it continues to advance in the quantum computing sector.
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