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Rigetti Computing executive sells over $5k in company stock By Investing.com

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In a recent transaction, Rigetti Computing, Inc.’s (NYSE:RGTI) General Counsel & Corporate Secretary, Richard Danis, sold 3,804 shares of the company’s stock. The sale was executed at an average price of $1.34, resulting in a total value of $5,097. The shares were sold in multiple transactions at prices ranging from $1.335 to $1.345.

This sale was part of a prearranged plan to cover tax withholding obligations connected with the vesting of restricted stock units. Such sell to cover transactions are common among corporate executives, allowing them to satisfy tax liabilities without out-of-pocket expenses.

Following the sale, Danis still holds a substantial number of shares in Rigetti Computing, amounting to 1,048,337 shares of common stock. This indicates a continued investment in the company’s future despite the recent sale.

Additionally, Richard Danis was granted employee stock options to buy 348,600 shares of Rigetti Computing, with the options vesting over time, subject to continuous service with the company. The options have a conversion or exercise price of $1.32 and are set to expire on May 13, 2034.

Rigetti Computing, a company that operates in the quantum computing space, is known for its innovative approach to building quantum integrated circuits designed for scalable quantum systems. The company’s stock trades on the New York Stock Exchange under the ticker symbol RGTI.

Investors and market watchers often keep a close eye on insider transactions as they may provide insights into the executives’ confidence in the company’s future performance.

InvestingPro Insights

Rigetti Computing, Inc. (NYSE:RGTI) has been navigating a challenging financial landscape, as indicated by recent metrics. With a market capitalization of $217.97 million USD, the company’s valuation reflects investor sentiment about its prospects in the quantum computing industry. Notably, the P/E ratio stands at -2.44, underscoring the market’s current view of the company as unprofitable in the near term. This is further supported by the adjusted P/E ratio for the last twelve months as of Q1 2024, which is at -3.21.

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Despite these challenges, the company’s gross profit margin remains strong at 70.12% for the same period, suggesting that while the company is not currently profitable, it maintains a healthy difference between the cost of goods sold and revenue. Investors should also note the…

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