Quantum computing company Rigetti Computing’s (RGTI) Chief Technology Officer (CTO), David Rivas, and Director Cathy McCarthy dumped millions worth of the company’s stock this week. The transactions surely raise concerns about insider sentiment amid ongoing market volatility. Meanwhile, RGTI stock has surged over 20% in the past five days, rebounding from last month’s decline.
What’s Behind RGTI Stock’s Recent Surge?
Rigetti’s stock surge may be linked to competitor D-Wave Quantum (QBTS) achieving “quantum computational supremacy,” proving its annealing quantum computer outperforms traditional supercomputers. This milestone lifted the broader quantum computing sector.
Additionally, the RGTI stock rebound could be due to the Cantor Global Technology Conference on March 12, 2025. With growing investor interest, all eyes are on Rigetti’s latest advancements and potential new partnerships, which could further fuel its momentum.
Overall, RGTI stock has jumped nearly 300% over the past year but remains down over 40% year-to-date.
Details About Rigetti’s Insider Transactions
According to a recent SEC filing, Rivas sold 351,785 shares on March 11, 2025, for an estimated $2.73 million. This transaction represents approximately 24.3% of his holdings in this class of stock. Following the sale, Rivas retains 1,094,738 shares of RGTI.
Meanwhile, Director McCarthy sold 150,000 shares of Rigetti Computing on March 11, generating approximately $1.2 million. After the transaction, she retains ownership of 234,234 company shares.
According to TipRanks’ Insider Trading Activity Tool, the insider confidence in RGTI stock is currently negative.
Is RGTI Stock a Good Buy?
Turning to Wall Street, analysts are highly bullish on RGTI stock, with a Strong Buy consensus rating based on six unanimous Buys. The average RGTI stock price target of $14.80 implies 65.3% upside potential.
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