WealthPLAN Partners LLC Acquires 25,861 Shares of Rigetti Computing, Inc. $RGTI

WealthPLAN Partners LLC raised its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI) by 86.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 55,787 shares of the company’s stock after purchasing an additional 25,861 shares during the quarter. WealthPLAN Partners LLC’s holdings in Rigetti Computing were worth $662,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Avior Wealth Management LLC acquired a new stake in shares of Rigetti Computing in the 2nd quarter valued at $121,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Rigetti Computing by 176.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,955 shares of the company’s stock valued at $521,000 after buying an additional 28,081 shares during the period. ORG Wealth Partners LLC increased its stake in shares of Rigetti Computing by 666.7% in the 2nd quarter. ORG Wealth Partners LLC now owns 11,500 shares of the company’s stock valued at $130,000 after buying an additional 10,000 shares during the period. H&H Retirement Design & Management INC acquired a new stake in shares of Rigetti Computing in the 2nd quarter valued at $281,000. Finally, Rhumbline Advisers increased its stake in shares of Rigetti Computing by 17.0% in the 1st quarter. Rhumbline Advisers now owns 273,818 shares of the company’s stock valued at $2,169,000 after buying an additional 39,743 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of the business’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the completion of the transaction, the director directly owned 14,902 shares of the company’s stock, valued at approximately $290,589. The trade was a 87.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the business’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the transaction, the director directly owned 293,461 shares of the company’s stock, valued at approximately $5,869,220. The trade was a 30.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 392,204 shares of company stock valued at $7,517,696. Insiders own 1.90% of the company’s stock.

Rigetti Computing Trading Up 0.4%

NASDAQ:RGTI opened at $56.34 on Thursday. Rigetti Computing, Inc. has a 1 year low of $0.80 and a 1 year high of $58.15. The stock has a market cap of $18.26 billion, a price-to-earnings ratio of -74.13 and a beta of 1.60. The stock has a 50-day moving average price of $25.01 and a two-hundred day moving average price of $16.25.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The firm had revenue of $1.80 million during the quarter, compared to analysts’ expectations of $1.87 million. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

RGTI has been the subject of several research reports. Williams Trading set a $50.00 target price on Rigetti Computing in a research note on Tuesday, October 7th. Cantor Fitzgerald initiated coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 target price for the company. Needham & Company LLC lifted their target price on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Benchmark lifted their price objective on Rigetti Computing from $20.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Rigetti Computing has a consensus rating of “Moderate Buy” and an average target price of $28.29.

Rigetti Computing Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.