The CEO's $1.49M open-market sale at $24.38 — near recent highs — is the most information-rich trade in this cluster and suggests limited near-term upside conviction. Prior 30d insider activity already showed $17.6M in sales, reinforcing a distribution pattern. With the historical score calibration showing negative net alpha (-1.14%) and only 20% win rate at T+20 for prior RGTI reports, directional bets against the stock carry historical tail risk. Best positioned as a relative underperform or calendar spread to capture mean-reversion on elevated valuations.
Price Chart
Executive Summary
Three Rigetti insiders — including CEO Subodh Kulkarni and two directors — sold a combined ~231K shares worth approximately $4.82M in open-market transactions over a one-week window. CEO Kulkarni's sale of $1.49M at $24.38 and Director Johnson's sale of $2.47M at $21.28 represent significant dollar amounts relative to typical insider activity at this company. Non-cash grants of 9,208 shares to two directors at $0 are compensation awards and carry no economic signal.
Key Financial Metrics
Key Facts
- CEO Subodh Kulkarni sold 61,000 shares for $1.49M on June 1 (open-market, code S)
- Director Ray O. Johnson sold 116,217 shares for $2.47M on June 8 (open-market, code S)
- Director Michael S. Clifton sold 54,000 shares for $864K on June 3 (open-market, code S)
- Two directors also received 9,208 shares each as non-cash grants ($0 value) on June 9
- Total insider cluster sales: $4.82M, representing ~0.074% of RGTI's $6.5B market cap
- RGTI's 30-day prior insider activity was 5 sells totaling $17.6M, continuing a bearish pattern
Financial Impact
Insider sales of ~$4.82M represent 0.074% of RGTI's $6.5B market cap, below the 0.1% threshold for routine proportionality. However, the CEO's participation and the multi-director cluster elevate the signal above pure noise.
Risk Factors
- Insider sales at <0.1% of market cap are considered routine by proportionality standards and may reflect diversification or pre-planned 10b5-1 programs rather than bearish conviction
- RGTI's historical performance shows extreme volatility (T+20 outcomes ranging from -27% to +53%), making short-term directional plays highly uncertain
- Analyst consensus is 74% bullish (14 Buy/Strong Buy out of 19), suggesting institutional sentiment may diverge from insider activity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-RGTI-1781093174582 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Insider Cluster | $15.16 $15.99 | ▼ −5.47% | ▼ −5.97% | $15.59 (−2.84%) |
Sep 8, 2026 24d ago | 8-K | $15.81 $15.27 | ▼ −3.42% | ▼ −2.75% | $15.59 (−1.39%) |
Aug 20, 2026 6w ago | Insider Cluster | $17.91 $15.59 | ▲ +12.95% | ▲ +13.43% | $15.59 (+12.95%) |
Aug 20, 2026 6w ago | 8-K | $16.07 $16.44 | ▲ +2.33% | ▲ +1.22% | $15.59 (−2.96%) |
Jun 22, 2026 14w ago | 144 | $21.28 $19.44 | ▼ −8.65% | ▼ −9.66% | $15.59 (−26.74%) |
Jun 16, 2026 15w ago | Insider Cluster | $20.64 $21.28 | ▲ +3.10% | ▲ +5.33% | $15.59 (−24.47%) |
Jun 11, 2026 16w ago | Institutional Cluster | $20.63 $20.25 | ▼ −1.87% | ▼ −2.30% | $15.59 (−24.43%) |
Jun 10, 2026 16w ago | Insider Cluster | $19.45 $20.64 | ▼ −6.15% | ▼ −2.71% | $15.59 (+19.83%) |
May 26, 2026 18w ago | Insider Cluster | $24.62 $26.88 | ▲ +9.18% | ▲ +7.97% | $15.59 (−36.68%) |
May 21, 2026 19w ago | Press Release | $22.04 $27.03 | ▲ +22.64% | ▲ +21.04% | $15.59 (−29.26%) |
US Market Status
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