Stratos Wealth Advisors LLC Makes New Investment in Rigetti Computing, Inc. $RGTI

Stratos Wealth Advisors LLC bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) in the second quarter, Holdings Channel.com reports. The firm bought 11,150 shares of the company’s stock, valued at approximately $132,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. IFP Advisors Inc lifted its holdings in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after acquiring an additional 1,300 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company’s stock worth $49,000 after acquiring an additional 1,420 shares during the last quarter. Kellett Wealth Advisors LLC grew its holdings in shares of Rigetti Computing by 10.5% during the second quarter. Kellett Wealth Advisors LLC now owns 17,052 shares of the company’s stock worth $202,000 after purchasing an additional 1,619 shares during the last quarter. Amalgamated Bank grew its holdings in shares of Rigetti Computing by 33.1% during the first quarter. Amalgamated Bank now owns 6,516 shares of the company’s stock worth $52,000 after purchasing an additional 1,622 shares during the last quarter. Finally, Strategic Advocates LLC grew its holdings in shares of Rigetti Computing by 10.9% during the first quarter. Strategic Advocates LLC now owns 19,379 shares of the company’s stock worth $153,000 after purchasing an additional 1,911 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RGTI shares. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. B. Riley boosted their price target on Rigetti Computing from $19.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Finally, Cantor Fitzgerald started coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price target on the stock. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and an average target price of $28.29.

Insider Buying and Selling

In other news, Director Thomas J. Iannotti sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the sale, the director owned 14,902 shares of the company’s stock, valued at $290,589. This trade represents a 87.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael S. Clifton sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the sale, the director directly owned 653,766 shares of the company’s stock, valued at approximately $12,421,554. This trade represents a 10.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold 454,204 shares of company stock valued at $10,300,876 over the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $43.31 on Tuesday. The stock’s 50 day moving average is $26.82 and its 200 day moving average is $17.16. The firm has a market cap of $14.04 billion, a P/E ratio of -56.99 and a beta of 1.60. Rigetti Computing, Inc. has a one year low of $1.06 and a one year high of $58.15.

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

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.