Ex-Counsel Profits Big as Rigetti's Quantum Leap Drives 1,600% Stock Surge

GuruFocus.com
31 Dec 2024

The fast-growing investor interest in quantum computing has driven Rigetti Computing's (NASDAQ:RGTI) explosive more than 1,600% increase in shares this year. Former general attorney and corporate secretary Rick Danis of Rigetti lately profited from the stock's rise. Based on the closing price of $11.35 on the previous day, he sold 250,000 shares on December 26 for $3.70 million, almost 30% more than his projected $2.84 million. A regulatory disclosure states that the average price of the shares sold was $14.78 apiece.

  • Warning! GuruFocus has detected 7 Warning Signs with RGTI.

On December 27, Danis scheduled another 250,000 share sale with an expected worth of $3.86 million. The shares exchanged that day, between $15.44 to $19.35, indicated the ultimate transaction most certainly exceeded first projections. Originally the general counsel of Bluetooth Special Interest Group, Danis left Rigetti in November. His sales were reported using SEC Form 144, which calls for shares received as compensation. As enthusiasm over industry developments rises, Rigetti, a quantum computing startup that went public in March 2022 via a SPAC transaction, has attracted notice. Its rise demonstrates investor interest in innovative technology stocks despite recent setbacks.

This article first appeared on GuruFocus.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10