10,169 Shares in Rigetti Computing, Inc. $RGTI Purchased by Comprehensive Financial Consultants Institutional Inc.

Key Points

• Comprehensive Financial Consultants Institutional Inc. acquired 10,169 shares of Rigetti Computing valued at approximately $121,000, marking an expansion of their investment in the quantum computing sector.
• Rigetti Computing's stock has experienced significant growth, with a 52-week trading range of $0.73 to $43.11, and currently holds a market capitalization of $13.52 billion.
• Several large institutional investors have increased their stakes in Rigetti, indicating strong interest and confidence in the company's future, with hedge funds owning 35.38% of the stock.

Comprehensive Financial Consultants Institutional Inc. acquired a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 10,169 shares of the company's stock, valued at approximately $121,000.

Several other large investors have also modified their holdings of the business. California State Teachers Retirement System grew its stake in shares of Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after buying an additional 1,301 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Rigetti Computing by 15,050.9% during the 1st quarter. GAMMA Investing LLC now owns 25,605 shares of the company's stock valued at $203,000 after acquiring an additional 25,436 shares during the period. Rhumbline Advisers grew its position in Rigetti Computing by 17.0% in the 1st quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock valued at $2,169,000 after acquiring an additional 39,743 shares during the last quarter. Patriot Financial Group Insurance Agency LLC increased its stake in Rigetti Computing by 59.9% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 53,442 shares of the company's stock worth $423,000 after purchasing an additional 20,028 shares during the period. Finally, Toth Financial Advisory Corp bought a new stake in shares of Rigetti Computing during the first quarter worth $273,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Performance

Shares of RGTI opened at $41.71 on Tuesday. The company has a 50 day moving average price of $20.21 and a 200-day moving average price of $14.38. Rigetti Computing, Inc. has a fifty-two week low of $0.73 and a fifty-two week high of $43.11. The stock has a market capitalization of $13.52 billion, a PE ratio of -54.88 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. The company had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of research analyst reports. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC upped their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. B. Riley raised their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Cantor Fitzgerald assumed coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price target for the company. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Rigetti Computing in a research note on Saturday, September 27th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing currently has a consensus rating of "Moderate Buy" and an average target price of $19.71.

Insider Transactions at Rigetti Computing

In related news, Director Thomas J. Iannotti sold 100,000 shares of the company's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the sale, the director directly owned 14,902 shares in the company, valued at $290,589. This represents a 87.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the transaction, the director owned 293,461 shares in the company, valued at $5,869,220. This trade represents a 30.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 457,624 shares of company stock worth $8,498,996.

About Rigetti Computing

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.

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