Form 4: Bessemer Venture Partners Reduces Stake in Rigetti Computing

Bessemer Venture Partners sold a portion of its Rigetti Computing holdings in multiple transactions over two days.

Summary

• Bessemer Venture Partners X L.P. and Bessemer Venture Partners X Institutional L.P. sold shares of Rigetti Computing, Inc. common stock on November 14 and 15, 2024.
• On November 14, 2024, they sold a combined total of 580,125 shares at a weighted average price of $1.63, with individual transaction prices ranging from $1.50 to $1.70.
• On November 15, 2024, they sold an additional 86,868 shares at a weighted average price of $1.56, with individual transaction prices ranging from $1.50 to $1.60.
• Following these transactions, Bessemer Venture Partners X L.P. holds 9,756,471 shares and Bessemer Venture Partners X Institutional L.P. holds 9,158,754 shares of Rigetti Computing common stock.

Sentiment

Score: 4

Explanation: The document indicates a reduction in holdings by a major investor, which could be seen as a slightly negative signal, but it's also a normal part of investment management.

Negatives

• Bessemer Venture Partners reduced their holdings in Rigetti Computing, which could be interpreted negatively by the market.

Risks

• Continued selling pressure from major shareholders like Bessemer Venture Partners could negatively impact Rigetti Computing's stock price.
• The multiple transactions at varying prices could indicate uncertainty about the stock's value.

Industry Context

This transaction reflects the ongoing trading activity of major shareholders in the quantum computing sector, which is still considered a high-risk, high-reward area.

Comparison to Industry Standards

• It is common for venture capital firms like Bessemer to periodically adjust their holdings in portfolio companies.
• The size of the sale is not unusual for a firm managing a large portfolio, but the market reaction will be specific to Rigetti Computing.
• Comparable companies in the quantum computing space also experience similar trading activity from their major investors.

Stakeholder Impact

• The sale of shares could potentially impact the share price of Rigetti Computing, affecting current shareholders.
• The transaction may also influence market perception of the company's future prospects.

Key Dates

Keywords

Rigetti Computing, Bessemer Venture Partners, share sale, stock transaction, insider trading, RGTI