Sequoia Financial Advisors LLC Buys 2,121 Shares of Rigetti Computing, Inc. $RGTI

Sequoia Financial Advisors LLC raised its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 1.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 124,179 shares of the company’s stock after purchasing an additional 2,121 shares during the period. Sequoia Financial Advisors LLC’s holdings in Rigetti Computing were worth $1,473,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. CWM LLC raised its position in Rigetti Computing by 11.9% during the 2nd quarter. CWM LLC now owns 19,412 shares of the company’s stock worth $230,000 after purchasing an additional 2,059 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Rigetti Computing by 20.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 34,026 shares of the company’s stock worth $404,000 after acquiring an additional 5,700 shares in the last quarter. Sovereign Financial Group Inc. bought a new position in shares of Rigetti Computing in the 2nd quarter worth about $128,000. Zullo Investment Group Inc. bought a new position in shares of Rigetti Computing in the 2nd quarter worth about $170,000. Finally, IFP Advisors Inc raised its position in shares of Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after acquiring an additional 1,300 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. B. Riley lifted their price objective on Rigetti Computing from $19.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research report on Wednesday, July 16th. Williams Trading set a $50.00 price objective on Rigetti Computing in a research report on Tuesday, October 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Finally, Benchmark lifted their price objective on Rigetti Computing from $20.00 to $50.00 and gave the stock a “buy” rating in a research report 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.29.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $47.97 on Friday. Rigetti Computing, Inc. has a one year low of $0.91 and a one year high of $58.15. The firm has a market capitalization of $15.55 billion, a price-to-earnings ratio of -63.12 and a beta of 1.60. The business has a 50-day simple moving average of $25.66 and a 200 day simple moving average of $16.53.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The business had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, Director Helene Gail Sandford sold 17,635 shares of Rigetti Computing stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $24.75, for a total transaction of $436,466.25. Following the completion of the transaction, the director owned 182,371 shares in the company, valued at approximately $4,513,682.25. The trade was a 8.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.50, for a total value of $1,950,000.00. Following the transaction, the director owned 14,902 shares of the company’s stock, valued at $290,589. This trade represents a 87.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 392,204 shares of company stock worth $7,517,696 over the last three months. Insiders own 1.90% of the company’s stock.

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.