Rigetti Computing price target lowered to $16 from $19 at Benchmark » 07:1105/1805/18/22
Benchmark analyst David…
Benchmark analyst David Williams lowered the firm's price target on Rigetti Computing to $16 from $19 and keeps a Buy rating on the shares following the company's first earnings report post its SPAC transaction close. March quarter revenue was slightly down year-over-year and full year revenue is expected to be $12.5M, down from his prior estimate of $18M, Williams noted. However, Rigetti's steady cadence of tech advances give him comfort in the company's approach and growth opportunity, said Williams, who also noted that Rigetti announced what he called "a major advancement in its technology roadmap" with the 2023 scheduled release of an 84-qubit single-chip quantum processing unit.
|Over a month ago|
Rigetti Computing announces announces COO Taryn Naidu departs company » 16:1204/1904/19/22
Rigetti Computing announced that Taryn Naidu, who had served as Chief Operating Officer, is no longer with the Company. Mr. Naidu's departure is not related to any matter regarding the Company's financial condition, reported financial results, internal controls or disclosure controls and procedures. The Company recently has made several key hires, deepening its expertise and leadership in finance, go-to-market, operations, security, and talent management, and does not have immediate plans to name a replacement Chief Operating Officer. Mr. Naidu's responsibilities will be assumed by current leadership, including Brian Sereda, Chief Financial Officer; Greg Peters, Chief Revenue Officer; Jackie Kaweck, SVP Human Resources; and Lou DeSorbo, Chief Security Officer. "We continue to build a world-class leadership team in our pursuit of creating an iconic category-defining company," said Chad Rigetti, Founder and CEO. "We are excited for our next phase of growth as we focus on bringing powerful new quantum processors to market through our Quantum Cloud Services platform and unlocking high-impact applications for enterprise and government customers. We look forward to updating the investment community on our progress during our first quarter earnings call planned for mid-May."
Rigetti Computing files to sell 96.94M shares of common stock for holders 17:0103/2303/23/22
Rigetti Computing files to sell 19.35M shares of common stock 17:0103/2303/23/22
Rigetti Computing adds Greg Peters as Chief Revenue Officer » 09:0503/2103/21/22
Rigetti Computing (RGTI)…
Rigetti Computing (RGTI) announced the addition of Greg Peters as Chief Revenue Officer, effective as of March 14. In his new role, Peters will lead global commercialization and growth efforts with the goal of expanding the Company's Quantum Computing as a Service business in the public and private sectors. This announcement comes alongside the Company's establishment of its Revenue Organization, which will oversee all revenue generating activities within the Company. Peters' most recent work at Keysight (KEYS) included executive roles in Corporate Development and leadership of Keysight's Aerospace Defense and Government Solutions business.
Rigetti Computing reports 2021 EPS ($1.74) vs. ($1.26) last year » 08:3903/1003/10/22
Reports 2021 revenue…
Reports 2021 revenue $8.2M vs. $5.5M last year. "We are generating strong momentum in our business strategy for quantum computing," commented Chad Rigetti, Founder and CEO of Rigetti. "We have achieved significant technical milestones and attracted a multitude of industry leaders to work toward practical quantum applications. Today, our pioneering technology is already fueling business momentum, resulting in solid top-line growth for our fiscal year 2021. Real-world application interest in quantum computing is rapidly emerging, with enterprise players now joining the public sector as early movers in quantum. Rigetti is working with these organizations to establish use cases in critical areas, including machine learning, optimization, and simulation using our hybrid quantum-classical approach. We believe recent performance results on our next-generation machines and chip architecture showcase the excellent progress we are making on our roadmap to help unlock the commercial potential of quantum computing."
new option listings and two option delistings on March 2nd » 08:3003/0203/02/22
EFTR, CDC, ARBE, RGTI, ZBH, SENT, SNII, NXTD
New option listings for…
New option listings for March 2nd include eFFECTOR Therapeutics Inc (EFTR), Deutsche Xtrackers Russell 1000 Enhanced Beta ETF (DEUS), Victory CEMP US EQ Income Enhanced Volatility Weighted Index (CDC), BNDD ETF (BNDD), NXT-ID Inc (LGMK), OShares US Small Cap Quality Dividend ETF (OUSM), Autobot Holdco Inc (ARBE), Adasina Social Justice All Cap Global ETF (JSTC), Global Utilities (JXI), First Trust Multi Cap Growth AlphaDEX Fund (FAD), RGTI Stock (RGTI), Direxion World Without Waste ETF (WWOW), iShares USTech Breakthrough Multisector ETF (TECB), SPDR S&P Kensho Final Frontiers ETF (ROKT), iShares Cloud 5g and Tech Etf (IDAT), First Trust Expanded Technology ETF (XPND), Direxion Russell 1000 Value Over Growth ETF (RWVG), iShares Global Consumer Discretionary (RXI), iShares Evolved US Innovative Healthcare ETF (IEIH), Zimmer Biomet (ZBH), Advisorshares Alpha Dna Equity Sentiment ETF (SENT), Sofi Next 500 ETF (SFYX), Franklin Intelligent Machines ETF (IQM), Vanguard S&P Mid Cap 400 Growth (IVOG), SPDR Russell 2000 Low Volatility ETF (SMLV), Global X S&p 500 Quality Dividend Etf (QDIV), PowerShares S&P 500 Momentum Portfolio (SPMO), and Global X Nasdaq 100 Covered Call and Growth ETF (QYLG). Option delistings effective March 2nd include Supernova Partners Acquisition Corp (SNII) and NXT ID (NXTD).
Rigetti Computing closes business combination with Supernova Partners Acquisition II » 06:3403/0203/02/22
Rigetti Computing (RGTI)…
Rigetti Computing (RGTI) and Supernova Partners Acquisition Company II (SNII) announced the completion of their Business Combination. The Business Combination was approved by Supernova's shareholders at Supernova's Extraordinary General Meeting held on February 28. In connection with the closing, Supernova changed its name to "Rigetti Computing, Inc." Starting this morning, Rigetti's common stock and warrants will trade on the Nasdaq Capital Market under the ticker symbols "RGTI" and "RGTIW," respectively. At the closing of the Business Combination, Rigetti received gross proceeds of approximately $261.75M. The company plans to use the net proceeds to accelerate its development of multiple generations of quantum processors, expand its operations, and for general corporate purposes.
Week in SPAC News: Trump SPAC in spotlight as Truth Social makes users wait » 09:0502/2702/27/22
DWAC, AAPL, FB, GOOG, GOOGL, TWTR, ARYD, FOLD, SNII, RGTI, TWNT, FGMC, GSRM, CLIN
In SPAC news this week,…
Supernova Partners Acquisition II sees Rigetti Computing deal closing on March 2 » 13:3602/2502/25/22
Special purpose acquisition company Supernova Partners Acquisition Company II (SNII) last night announced that it expects all conditions to be met, including minimum cash proceeds, subject to shareholder approval, to complete its previously announced business combination with Rigetti Holdings, which it calls "a pioneer in hybrid quantum-classical computing." Supernova and Rigetti expect to close the business combination on March 2, subject to final vote of Supernova shareholders on February 28. The transaction is expected to raise at least $114.24M from Supernova trust proceeds, after giving effect to preliminary redemption elections, and $147.51M from a fully committed common stock private placement, or "PIPE," resulting in expected total gross proceeds of at least $261.75M, exceeding the minimum cash condition included in the business combination agreement. Rigetti plans to use the net proceeds to accelerate its development of multiple generations of quantum processors, expand its operations and for general corporate purposes. Upon completion of the business combination, Supernova will change its name to "Rigetti Computing, Inc." Following the consummation of the business combination, Rigetti Computing Inc.'s shares are expected to trade on the Nasdaq Capital Market under the ticker symbol "RGTI."