Cetera Investment Advisers Acquires 75,329 Shares of Rigetti Computing, Inc. $RGTI

Cetera Investment Advisers grew its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 111.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 143,071 shares of the company’s stock after buying an additional 75,329 shares during the quarter. Cetera Investment Advisers’ holdings in Rigetti Computing were worth $1,697,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. IFP Advisors Inc lifted its position in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after acquiring an additional 1,300 shares in the last quarter. Quarry LP purchased a new stake in shares of Rigetti Computing in the first quarter worth approximately $31,000. Armstrong Advisory Group Inc. lifted its holdings in shares of Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after purchasing an additional 2,060 shares in the last quarter. Banque Transatlantique SA purchased a new position in shares of Rigetti Computing during the first quarter valued at approximately $42,000. Finally, US Bancorp DE grew its holdings in Rigetti Computing by 29.4% during the first quarter. US Bancorp DE now owns 6,248 shares of the company’s stock worth $49,000 after buying an additional 1,420 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 126,295 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction 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. This represents a 30.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the completion of the sale, the director directly owned 120,371 shares of the company’s stock, valued at $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 405,930 shares of company stock worth $9,584,046 in the last ninety days.

Analysts Set New Price Targets

Several brokerages have weighed in on RGTI. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Needham & Company LLC raised their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Benchmark reduced their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a research note on Tuesday, November 11th. Finally, B. Riley cut their target price on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.43.

Rigetti Computing Stock Performance

NASDAQ RGTI opened at $25.57 on Monday. The company has a market capitalization of $8.44 billion, a PE ratio of -19.67 and a beta of 1.69. Rigetti Computing, Inc. has a 52-week low of $2.42 and a 52-week high of $58.15. The company has a 50-day simple moving average of $35.54 and a 200 day simple moving average of $21.90.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The firm had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing’s quarterly revenue was down 18.1% compared to the same quarter last year. As a group, analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

About Rigetti Computing

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.