Rigetti Computing, Inc. $RGTI Shares Sold by Florida Financial Advisors LLC

Florida Financial Advisors LLC lowered its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 51.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,770 shares of the company’s stock after selling 28,241 shares during the period. Florida Financial Advisors LLC’s holdings in Rigetti Computing were worth $593,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Rothschild Investment LLC increased its holdings in shares of Rigetti Computing by 26.1% in the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after purchasing an additional 345 shares during the period. Prospera Financial Services Inc increased its holdings in shares of Rigetti Computing by 1.0% in the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock valued at $1,245,000 after purchasing an additional 419 shares during the period. Kestra Private Wealth Services LLC increased its holdings in shares of Rigetti Computing by 1.4% in the fourth quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock valued at $831,000 after purchasing an additional 535 shares during the period. MAI Capital Management increased its holdings in shares of Rigetti Computing by 17.7% in the third quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after purchasing an additional 566 shares during the period. Finally, Global Retirement Partners LLC increased its holdings in shares of Rigetti Computing by 10.2% in the fourth quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock valued at $147,000 after purchasing an additional 615 shares during the period. Institutional investors and hedge funds own 35.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a report on Tuesday, May 12th. Northland Securities started coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Benchmark decreased their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Finally, Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $29.18.

Insider Buying and Selling at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer directly owned 175,609 shares in the company, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 562,758 shares of company stock valued at $13,916,267 over the last quarter. Insiders own 1.60% of the company’s stock.

Rigetti Computing Stock Up 0.4%

NASDAQ RGTI opened at $25.63 on Tuesday. Rigetti Computing, Inc. has a fifty-two week low of $10.30 and a fifty-two week high of $58.15. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of -29.46 and a beta of 1.88. The business has a fifty day moving average of $17.99 and a 200-day moving average of $20.39.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The business’s revenue for the quarter was up 198.9% compared to the same quarter last year. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.