Rigetti Computing, Inc. (NASDAQ:RGTI) reported that its Chief Technology Officer, David Rivas, has sold a total of 4,433 shares of company stock, with the total transaction amounting to $5,940. The sale, as disclosed in a recent SEC filing, was executed at a weighted average price of $1.34 per share.
The transactions took place on May 14, 2024, and were part of a nondiscretionary sale required to satisfy tax withholding obligations related to the settlement of restricted stock units. According to the filing, the shares were sold in multiple transactions at prices ranging from $1.335 to $1.345.
Following the sale, Rivas remains a significant holder in the company with 1,376,007 shares of Rigetti Computing still under his direct ownership. The company, which is known for its work in the field of quantum computing, has not made any additional comments regarding the transaction.
Investors and interested parties can request more detailed information about the exact number of shares sold at each price point within the given range from Rivas, Rigetti Computing, or the SEC upon request.
The sale was facilitated by Rick Danis, Attorney-in-Fact, as indicated by the signature on the SEC filing. Rigetti Computing's business address is listed as 775 Heinz Avenue, Berkeley, California, with the company incorporated in Delaware.
InvestingPro Insights
In light of the recent share sale by Rigetti Computing's CTO, David Rivas, investors may find it useful to consider the current financial position and market performance of the company as per the latest InvestingPro data and tips. With a market capitalization of $217.97 million, Rigetti Computing is navigating the competitive field of quantum computing.
One of the key InvestingPro Tips for Rigetti Computing is that the company holds more cash than debt on its balance sheet. This could be a reassuring sign for investors, indicating a level of financial stability. Additionally, the company's liquid assets exceed its short-term obligations, providing some flexibility in its operational finances.
However, it's also important to note that analysts do not anticipate the company will be profitable this year, and the company is quickly burning through cash. This context may help investors understand the potential reasons behind the CTO's sale of shares and assess the company's future prospects.
From a performance standpoint, Rigetti Computing has experienced a high return over the last year, with a 186.21% increase in the price total return. This significant gain might reflect investor optimism about the potential of quantum computing technology. Yet, the company's stock is known to trade with high price volatility, which could be a point of consideration for those looking for more stable investments.
For those interested in a deeper analysis, there are additional InvestingPro Tips available that cover aspects such as valuation, free cash flow yield, and revenue valuation multiples. To explore these insights further, visit https://www.investing.com/pro/RGTI and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As of the last twelve months leading up to Q1 2024, Rigetti Computing reported revenue of $12.86 million, with a gross profit margin of 70.12%. Despite this strong margin, the company's operating income margin stood at -593.8%, reflecting substantial operating losses. Investors may wish to track these metrics closely in the coming quarters to gauge the company's operational efficiency and potential path to profitability.
Finally, with the next earnings date scheduled for August 8, 2024, stakeholders will likely be looking forward to updates on the company's financial health and strategic direction. For those considering investment in Rigetti Computing, keeping an eye on both the company's financial data and the broader market trends in quantum computing will be essential.
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