Arete Wealth Advisors LLC Sells 20,725 Shares of Rigetti Computing, Inc. $RGTI

Key Points

• Arete Wealth Advisors LLC reduced its stake in Rigetti Computing, Inc. by 49.1%, selling 20,725 shares and retaining 21,475 shares valued at approximately $170,000.
• Other institutional investors, such as Vanguard Group Inc. and UNICOM Systems Inc., significantly increased their holdings, with Vanguard boosting its stake by 20.7% during the same period.
• Rigetti Computing's stock had a fifty-two week low of $0.71 and a high of $21.42, with a latest opening price of $16.69 and a market cap of $5.41 billion.

Arete Wealth Advisors LLC decreased its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 49.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,475 shares of the company's stock after selling 20,725 shares during the quarter. Arete Wealth Advisors LLC's holdings in Rigetti Computing were worth $170,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in RGTI. GAMMA Investing LLC lifted its position in Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after acquiring an additional 3,064 shares in the last quarter. Center for Financial Planning Inc. bought a new position in Rigetti Computing in the 1st quarter valued at about $30,000. Quarry LP bought a new position in shares of Rigetti Computing during the 1st quarter worth approximately $31,000. Park Square Financial Group LLC bought a new position in shares of Rigetti Computing during the 1st quarter worth approximately $40,000. Finally, Banque Transatlantique SA bought a new position in shares of Rigetti Computing during the 1st quarter worth approximately $42,000. Institutional investors own 35.38% of the company's stock.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, 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 directly owned 730,568 shares of the company's stock, valued at $10,848,934.80. This trade represents a 5.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of Rigetti Computing stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total transaction of $58,157.96. Following the transaction, the chief financial officer directly owned 183,581 shares of the company's stock, valued at approximately $2,724,342.04. This represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,694 shares of company stock valued at $1,698,130. Corporate insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. B. Riley lifted their price objective on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Needham & Company LLC lifted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Finally, Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a research note on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $17.43.

Rigetti Computing Price Performance

Rigetti Computing stock traded up $2.40 during mid-day trading on Friday, hitting $19.09. The company's stock had a trading volume of 111,984,150 shares, compared to its average volume of 35,582,508. The stock has a market cap of $6.19 billion, a price-to-earnings ratio of -25.12 and a beta of 1.44. The business has a 50 day moving average price of $15.43 and a 200-day moving average price of $12.02. Rigetti Computing, Inc. has a 12 month low of $0.71 and a 12 month high of $21.42.

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, beating 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 net margin of 2,134.92% and a negative return on equity of 29.05%. On average, equities research analysts expect 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.