WealthPLAN Partners LLC Has $662,000 Stock Position in Rigetti Computing, Inc. $RGTI

WealthPLAN Partners LLC raised its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI) by 86.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 55,787 shares of the company’s stock after buying an additional 25,861 shares during the quarter. WealthPLAN Partners LLC’s holdings in Rigetti Computing were worth $662,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Avior Wealth Management LLC acquired a new stake in Rigetti Computing in the 2nd quarter valued at approximately $121,000. Wealth Enhancement Advisory Services LLC grew its holdings in Rigetti Computing by 176.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,955 shares of the company’s stock valued at $521,000 after buying an additional 28,081 shares during the last quarter. ORG Wealth Partners LLC grew its holdings in Rigetti Computing by 666.7% in the 2nd quarter. ORG Wealth Partners LLC now owns 11,500 shares of the company’s stock valued at $130,000 after buying an additional 10,000 shares during the last quarter. H&H Retirement Design & Management INC acquired a new stake in Rigetti Computing in the 2nd quarter valued at approximately $281,000. Finally, Rhumbline Advisers lifted its position in shares of Rigetti Computing by 17.0% in the 1st quarter. Rhumbline Advisers now owns 273,818 shares of the company’s stock worth $2,169,000 after acquiring an additional 39,743 shares during the period. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $56.34 on Thursday. The company has a market capitalization of $18.26 billion, a PE ratio of -74.13 and a beta of 1.60. Rigetti Computing, Inc. has a one year low of $0.80 and a one year high of $58.15. The business has a 50 day simple moving average of $25.01 and a 200 day simple moving average of $16.25.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The business 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 anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 75,000 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the transaction, the director owned 653,766 shares in the company, valued at approximately $12,421,554. The trade was a 10.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO David Rivas sold 44,355 shares of Rigetti Computing stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the transaction, the chief technology officer owned 730,568 shares of the company’s stock, valued at approximately $10,848,934.80. The trade was a 5.72% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 392,204 shares of company stock worth $7,517,696. 1.90% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have commented on RGTI. Needham & Company LLC raised their price objective on Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Williams Trading set a $50.00 price objective on Rigetti Computing in a research report on Tuesday, October 7th. Cantor Fitzgerald began coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 price objective for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.29.

Rigetti Computing Company 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.