Rigetti Computing (NASDAQ: RGTI) shares soared over 28% on Friday, drawing investor attention amid a scorching rally. The stock has delivered an impressive 880% increase over the past six months, showcasing its momentum. Meanwhile, a director and the Chief Technology Officer sold millions in shares, adding intrigue to the rally.
Cathy McCarthy, a director at Rigetti Computing, sold 150,000 shares of common stock on March 11 at prices ranging from $8.00 to $8.015 per share. The total value of her transactions was around $1.2 million.
Following the sale, McCarthy holds 234,234 shares in the company. The transaction occurred during a period of significant gains for the stock, though InvestingPro analysis suggests it might now be priced above its fair value.
On the same day, Chief Technology Officer David Rivas sold 351,785 company shares for approximately $2.73 million at a weighted average price of $7.763 per share, with individual transaction prices ranging from $7.645 to $8.105. The sale, executed under a pre-arranged plan, was made to cover tax obligations related to restricted stock units (RSUs).
On March 10, Rivas acquired 200,000 shares through an RSU award at no cost, subject to a vesting schedule based on his continued service with the company. Following these transactions, Rivas owns 1,094,738 shares of Rigetti Computing (NASDAQ: RGTI) stock directly.
