Rigetti Insiders Sold $20M Near Top as Analysts Call $40
Wedbush initiated Rigetti Computing on August 3 with an Outperform rating and a $40 price target, anchoring the call on a proposed $100M Department of Commerce funding agreement and projected full-yea
Rigetti Insiders Sold $20M Near Top as Analysts Call $40
NEW YORK, August 4 —
Rigetti Computing, Inc. (RGTI) shares jumped more than 7% Monday after Wedbush initiated coverage with an Outperform rating and a $40 price target, yet the company's CEO, CTO, and CFO sold more than $20 million in open-market shares at prices between $20.55 and $26.23 in the weeks prior, every transaction above today's $17.45 stock price.
- CTO David Rivas sold 499,328 shares for $12.68M at $25.40 on May 29; CEO Subodh Kulkarni added $2.62M at $24.38 to $26.23.
- Wedbush projects Rigetti's Q4 2026 revenue at $14.8M; a proposed U.S. Department of Commerce funding agreement reaches up to $100M.
- Net insider selling totaled $20.16M against zero purchases over 90 days; every insider exit price exceeded the stock's current $17.45.
The Selling Pattern
Between May 22 and June 22, 2026, Rigetti's CTO, CEO, CFO, and a director collectively sold $20.16 million in shares and purchased none. CTO David Rivas led with 499,328 shares at $25.40 for $12.68 million, after exercising options priced at $0.27 per share, a spread that converted a near-zero cost basis into cash near the stock's prior high. CEO Subodh Kulkarni sold in two tranches at $26.23 and $24.38 for $2.62 million combined. Director Ray Johnson completed the sequence, selling 207,132 shares from June 8 to June 22 at $20.55 to $21.76, collecting $4.35 million. The stock trades at $17.45 today, below every one of those exit prices.
Why Wedbush Sees $40
Wedbush's August 3 initiation anchors its $40 price target on three pillars: a proposed agreement with the U.S. Department of Commerce for up to $100 million in funding over three years, per the coverage note; projected full-year 2026 revenue of $30.5 million; and Rigetti's hardware roadmap. Rigetti builds and leases cloud access to superconducting quantum computers, including the 84-qubit Ankaa-3 and the Cepheus-1-108Q system that became broadly available in Q1 2026, and sells foundry chips to external researchers alongside algorithm development services. Benchmark, Cantor Fitzgerald, and Craig-Hallum each hold buy-equivalent ratings at $25 to $30, converging on a view the insiders appeared unwilling to share.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| RGTI | $5.8B | n/a | -9.2% |
| QBTS | $8.1B | n/a | -1.2% |
| IONQ | $15.6B | n/a | -13.3% |
| QUBT | $2.1B | n/a | -52.0% |
| SOUN | $2.8B | n/a | -45.1% |
| OKLO | $7.5B | n/a | -53.8% |
Q4 Revenue Is the Verdict
Three numbers test which read is correct. Wedbush projects Q4 2026 revenue at $14.8 million; against trailing twelve-month revenue of roughly $10 million, reaching that figure would confirm that QCaaS access and Foundry services are gaining commercial traction. Rigetti enters that test with $568 million in net cash as of Q1 2026 against $61 million in annual operating cash burn, giving management significant runway. Short interest at 18.5% of float signals that the skepticism embedded in the insider selling has spread to the broader market. Model the implied valuation with the DCF calculator, or run the free Rigetti Computing, Inc. deep-dive → for current fundamentals.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
Why are Rigetti insiders selling stock?
Between May 22 and June 22, 2026, Rigetti's CTO, CEO, CFO, and a director sold $20.16 million in shares and made zero purchases. CTO David Rivas exercised options priced at $0.27 per share and sold at $25.40, converting a near-zero cost basis into cash near the stock's prior high. Every insider exit price ranged from $20.55 to $26.23, all above the current $17.45 stock price.
What is Wedbush's Rigetti price target?
Wedbush initiated coverage of Rigetti Computing on August 3 with an Outperform rating and a $40 price target. The firm projects full-year 2026 revenue of $30.5 million and Q4 2026 revenue of $14.8 million. The target also reflects a proposed U.S. Department of Commerce funding agreement of up to $100 million over three years.
How much cash does Rigetti Computing have?
Rigetti held $568 million in net cash as of Q1 2026, against annual operating cash burn of $61 million. That runway positions management to pursue Q4 revenue targets as QCaaS access and Foundry services seek commercial traction.
What is Rigetti's short interest level?
Short interest stands at 18.5% of float, signaling broad market skepticism that mirrors the pattern in insider selling. By contrast, Benchmark, Cantor Fitzgerald, and Craig-Hallum each hold buy-equivalent ratings with targets of $25 to $30.
What quantum computers does Rigetti build?
Rigetti builds superconducting quantum computers including the 84-qubit Ankaa-3 and the Cepheus-1-108Q system, which became broadly available in Q1 2026. The company sells cloud access to these systems and foundry chips to external researchers, alongside algorithm development services.
Rigetti Computing shares jumped more than 7% Monday after Wedbush initiated coverage with an Outperform rating and a $40 price target — yet the company's CEO, CTO, and CFO collectively sold more than $15 million in open-market shares at prices between $24 and $26 in the weeks prior, all above the stock's current level.