Rigetti Computing (NASDAQ:RGTI) CTO David Rivas Sells $2.73M in Stock Amid Quantum Growth Plans

David Rivas, Chief Technology Officer of Rigetti Computing, Inc. (NASDAQ:RGTI), a leading quantum computing company with a market capitalization of $2.26 billion, has executed a significant stock transaction. On March 11, Rivas sold 351,785 shares of Rigetti’s common stock, generating approximately $2.73 million. Despite this sale, RGTI stock has demonstrated a 325% return over the past year, according to InvestingPro data, though current trading levels suggest potential overvaluation. The shares were sold at an average price of $7.763, with individual transaction prices ranging from $7.645 to $8.105. The sale was made under a nondiscretionary plan to cover tax obligations related to the settlement of restricted stock units (RSUs). As of now, RGTI trades at $8.05, exhibiting high volatility with a 52-week range of $0.66 to $21.42.

Rivas’ Stock Acquisition and Current Holdings

Prior to the sale, on March 10, Rivas acquired 200,000 shares of common stock through an RSU award at no cost, as part of a vesting schedule contingent upon his continued service with Rigetti. Following these transactions, Rivas now holds 1,094,738 shares of the company’s stock directly.

Rigetti’s Q4 2024 Financial Performance and Strategic Moves

In its latest financial disclosure, Rigetti Computing reported a challenging Q4 2024, with earnings per share (EPS) significantly missing expectations at -$0.68, compared to the forecasted -$0.08. Revenues also fell short, coming in at $2.3 million versus an expected $2.52 million, marking a decline from $3.4 million in the same quarter last year. Despite these setbacks, Rigetti bolstered its cash reserves to $217.2 million through $153.3 million raised via equity offerings.

Rigetti’s Quantum Expansion with Quanta Computer

Rigetti also announced a strategic partnership with Quanta Computer, with both companies committing over $100 million each to advance superconducting quantum computing technologies. Additionally, Quanta plans to invest $35 million to purchase Rigetti’s common stock, pending regulatory approval.

New Quantum Developments and Academic Partnerships

Among recent advancements, Rigetti unveiled its 84-qubit ANCA3 quantum system and secured its first academic institution sale, delivering a Novera QPU to Montana State University. Analysts from firms like B. Riley and Needham & Company have weighed in on Rigetti’s strategic direction, emphasizing the company’s focus on scaling its quantum computing capabilities and leveraging high-value partnerships.