BERKELEY, CA - In a recent transaction, Rigetti Computing, Inc. (NASDAQ:RGTI) director Alissa Fitzgerald sold 20,000 shares of the company's common stock at a price of $0.95 per share, totaling $19,000. This sale took place on June 24, 2024, as indicated in the latest Form 4 filing with the Securities and Exchange Commission.
Fitzgerald's transaction was executed under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which she adopted on September 13, 2023. These plans allow company insiders to set up a predetermined schedule for buying or selling stocks at a time when they are not in possession of material non-public information. This is to avoid any accusations of insider trading and to comply with SEC regulations.
Following the sale, Fitzgerald retains ownership of 213,667 shares in Rigetti Computing, which is a quantum computing company headquartered in Berkeley, California. The sale was made public through the SEC filing, with Rick Danis acting as Attorney-in-Fact, signing off on the document on June 25, 2024.
Investors and market watchers often pay close attention to insider transactions as they can provide insights into an insider's perspective on the company's future prospects. However, it should be noted that these transactions can be subject to various personal financial considerations and do not always indicate a change in company fundamentals.
Rigetti Computing specializes in the development of quantum computing systems and software and is recognized as one of the players in the advancing field of quantum technology. The company's stock transactions are closely watched for signs of how insiders perceive the company's valuation and growth potential.
For those interested in following the company's insider transactions, the SEC Form 4 filings are publicly available and provide detailed information about the trading activities of the company's directors, officers, and any beneficial owners holding more than ten percent of the company's stock.
In other recent news, Rigetti Computing, a key player in the quantum computing industry, has reported some notable developments. The company has seen a significant 39% increase in its first-quarter revenues for 2024, taking its earnings up to $3.1 million. This financial upturn is coupled with the firm's announcement of joining the Russell 3000® Index in July, a move expected to enhance the visibility of Rigetti and the quantum computing sector to a broader market.
Rigetti's technological advancements are also noteworthy, with the achievement of a 99.3% median 2-qubit gate fidelity on their 9-qubit Ankaa class quantum system, reflecting the company's progress in the quantum computing industry. The firm confidently anticipates scaling this performance to their upcoming 84-qubit Ankaa 3 system by the end of the year, with plans for a more advanced 336-qubit Lyra system in the pipeline.
Despite a decrease in gross margins from the previous year, Rigetti has managed to reduce its total operating expenses. The company's cash reserves are expected to sustain operations until mid-2025. These recent developments underline Rigetti Computing's commitment to advancing quantum computing technology and its financial stability.
InvestingPro Insights
Rigetti Computing, Inc. (NASDAQ:RGTI) has recently been in the spotlight due to insider trading activity, but what do the financial metrics tell us about the company's current standing? According to InvestingPro data, Rigetti's market capitalization stands at a modest $165.8 million, reflecting the market's valuation of the company. Despite a challenging environment, the company holds a Price to Book (P/B) ratio of 1.33 as of the last twelve months leading up to Q1 2024, suggesting that investors value the company's assets reasonably in relation to its stock price.
Investors should note that while Rigetti holds more cash than debt, an InvestingPro Tip indicates the company is quickly burning through its cash reserves. This is a critical consideration, as it may impact the company's ability to fund ongoing operations and growth initiatives. Additionally, with the company trading near its 52-week low and the stock price having fallen significantly over the last three months, some may view this as a potential entry point, while others might see it as a sign of caution, especially considering the volatile nature of the stock's movements.
Another key metric to consider is the company's revenue growth, which was 38.66% for the most recent quarter of Q1 2024. While this quarterly surge is notable, the overall revenue growth has slightly declined by 2.58% over the last twelve months as of Q1 2024. This mixed signal is something investors might want to weigh in relation to the company's future prospects.
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