Rigetti Computing, Inc. (NASDAQ:RGTI) Position Decreased by Arkadios Wealth Advisors

Key Points

• Arkadios Wealth Advisors reduced its position in Rigetti Computing by 20.1%, selling 21,435 shares, and now holds 84,980 shares valued at approximately $673,000.
• Other investors have also adjusted their stakes, including GAMMA Investing LLC, which increased its position by 1,813%, and new stakes from multiple firms, underscoring ongoing interest in Rigetti.
• Analysts have varied views on Rigetti's stock with price targets ranging from $15.00 to $19.00 and an overall average rating of "Buy".

Arkadios Wealth Advisors reduced its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 20.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,980 shares of the company's stock after selling 21,435 shares during the quarter. Arkadios Wealth Advisors' holdings in Rigetti Computing were worth $673,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of RGTI. GAMMA Investing LLC lifted its position in shares of Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after purchasing an additional 3,064 shares in the last quarter. Center for Financial Planning Inc. acquired a new position in shares of Rigetti Computing during the first quarter worth $30,000. Park Square Financial Group LLC acquired a new stake in Rigetti Computing in the first quarter valued at $40,000. Orion Capital Management LLC acquired a new stake in Rigetti Computing in the fourth quarter valued at $46,000. Finally, Amalgamated Bank raised its holdings in Rigetti Computing by 33.1% in the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after acquiring an additional 1,622 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. B. Riley upped their price target on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Benchmark reaffirmed a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a report on Wednesday, July 16th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, Needham & Company LLC increased their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Monday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $16.00.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock traded up $0.26 during trading on Tuesday, hitting $16.02. 18,498,439 shares of the stock were exchanged, compared to its average volume of 72,393,203. The stock's fifty day moving average is $13.12 and its 200 day moving average is $11.26. The stock has a market cap of $4.65 billion, a PE ratio of -22.81 and a beta of 1.44. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month high of $21.42.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the transaction, the director owned 853,766 shares in the company, valued at $12,806,490. This represents a 2.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $606,300.00. Following the completion of the transaction, the director owned 419,756 shares of the company's stock, valued at $6,296,340. This represents a 8.78% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

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.