Shares of Rigetti Computing (RGTI) soared on last Friday, continuing a remarkable rally that began earlier last month, after the company achieved a record close the previous day. The stock closed at $15.44 on last Thursday, extending its spectacular upward momentum.
Rigetti, a leader in quantum computing services, began trading on March 2, 2022, following its merger with a special-purpose acquisition company (SPAC). On its debut day, the stock peaked at $11.37 but closed at $9.43. Despite briefly trading in double digits the next day, Rigetti’s stock struggled to maintain that level for over two years, with long stretches spent below $1.
However, the company’s fortunes have dramatically shifted in recent months. By last Friday afternoon, Rigetti’s stock had surged 14% to $17.60, marking the fifth consecutive day of gains. The impressive rally has led to a staggering increase of over 1,000% in Rigetti’s share price this year, positioning the company for its best performance ever as investor enthusiasm for quantum computing grows.
The surge in Rigetti’s stock has drawn attention not only from investors but also from insiders. Richard Danis, the company’s former general counsel, has capitalized on the rising stock price by selling 624,262 shares this month, netting $4.7 million. This includes a significant transaction on Monday, December 23, when Danis sold 233,423 shares for $2.6 million, at an average price of $11.03 per share. According to a Securities and Exchange Commission filing, Danis had previously indicated his intention to sell 250,000 shares for $2.8 million at an average price of $11.
Danis, who resigned as Rigetti’s general counsel and corporate secretary on November 30, 2024, did not make himself available for comment. While he was scheduled to consult with the company through March 2025, Rigetti confirmed that the consulting arrangement was terminated by mutual agreement earlier this month.
The positive momentum surrounding Rigetti also extended to other quantum computing stocks. While Quantum Computing (QUBT) fell by 4.6%, D-Wave Quantum (QBTS) gained 2.1%, Quantum Corp. (QMCO) climbed 4.4%, and Quantum-Si (QSI) saw an extraordinary surge of 73%.
As quantum computing continues to capture the imagination of investors, Rigetti and its competitors are positioning themselves for what could be a transformative shift in the tech industry.
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