Triton Wealth Management PLLC Invests $418,000 in Rigetti Computing, Inc. $RGTI

Triton Wealth Management PLLC purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 35,217 shares of the company’s stock, valued at approximately $418,000.

Several other large investors have also recently added to or reduced their stakes in the company. UNICOM Systems Inc. increased its holdings in shares of Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock worth $30,151,000 after buying an additional 3,521,935 shares in the last quarter. Vanguard Group Inc. grew its position in Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company’s stock worth $112,283,000 after acquiring an additional 2,430,758 shares during the last quarter. Nuveen LLC acquired a new stake in Rigetti Computing during the 1st quarter valued at $6,523,000. Penserra Capital Management LLC raised its position in 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 purchasing an additional 644,455 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Rigetti Computing by 40.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company’s stock worth $14,798,000 after purchasing an additional 538,792 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

RGTI has been the subject of a number of research reports. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price objective on the stock. B. Riley boosted their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Finally, Williams Trading set a $50.00 price target on shares of Rigetti Computing in a research note on Tuesday, October 7th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and an average price target of $28.29.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 44,355 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the transaction, the chief technology officer owned 730,568 shares of the company’s stock, valued at approximately $10,848,934.80. This represents a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 75,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the completion of the sale, the director owned 653,766 shares in the company, valued at $12,421,554. This represents a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 392,204 shares of company stock worth $7,517,696 over the last 90 days.

Rigetti Computing Trading Up 2.2%

Shares of NASDAQ RGTI opened at $56.12 on Wednesday. Rigetti Computing, Inc. has a 1 year low of $0.79 and a 1 year high of $58.15. The firm’s 50-day moving average is $24.21 and its 200-day moving average is $15.97. The firm has a market capitalization of $18.19 billion, a PE ratio of -73.84 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The business had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. As a group, equities research 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.