Kingswood Wealth Advisors LLC Purchases 2,550 Shares of Rigetti Computing, Inc. $RGTI

Kingswood Wealth Advisors LLC increased its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 14.1% during the second quarter, HoldingsChannel reports. The fund owned 20,690 shares of the company’s stock after buying an additional 2,550 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Rigetti Computing were worth $245,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RGTI. UNICOM Systems Inc. grew its position in Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock worth $30,151,000 after acquiring an additional 3,521,935 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Rigetti Computing by 20.7% in the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company’s stock valued at $112,283,000 after buying an additional 2,430,758 shares during the last quarter. Nuveen LLC bought a new stake in shares of Rigetti Computing in the 1st quarter valued at about $6,523,000. Penserra Capital Management LLC grew its position in shares of Rigetti Computing by 41.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company’s stock valued at $17,548,000 after buying an additional 644,455 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Rigetti Computing by 40.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company’s stock valued at $14,798,000 after buying an additional 538,792 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

RGTI stock opened at $43.92 on Friday. The stock’s 50 day simple moving average is $22.63 and its 200 day simple moving average is $15.32. Rigetti Computing, Inc. has a fifty-two week low of $0.74 and a fifty-two week high of $49.13. The company has a market cap of $14.24 billion, a P/E ratio of -57.79 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million during the quarter, compared to the consensus estimate 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 predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

RGTI has been the topic of a number of analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research report on Wednesday, July 16th. Williams Trading set a $50.00 target price on Rigetti Computing in a research report on Tuesday. Cantor Fitzgerald started coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 target price on the stock. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six equities 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.com, the stock has an average rating of “Moderate Buy” and an average target price of $28.29.

Insider Transactions at Rigetti Computing

In other news, Director Helene Gail Sandford sold 17,635 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $24.75, for a total value of $436,466.25. Following the completion of the sale, the director directly owned 182,371 shares of the company’s stock, valued at $4,513,682.25. This represents a 8.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 14,902 shares of the company’s stock, valued at approximately $290,589. This trade represents a 87.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 457,624 shares of company stock valued at $8,498,996. Corporate insiders own 1.90% of the company’s stock.

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.