Atria Wealth Solutions Inc. Makes New Investment in Rigetti Computing, Inc. $RGTI

Key Points

• Atria Wealth Solutions Inc. has acquired a new position in Rigetti Computing, purchasing 33,044 shares valued at approximately $392,000 during the 2nd quarter of the year.
• Recent trades by insiders include Rigetti's CTO David Rivas selling 44,355 shares and Director Ray O. Johnson selling 126,295 shares, indicating a significant decrease in their ownership.
• Analysts have expressed bullish sentiments on Rigetti's shares, with several price target upgrades, as the consensus rating stands at "Moderate Buy" with a price target of $28.29.

Atria Wealth Solutions Inc. purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 33,044 shares of the company's stock, valued at approximately $392,000.

Several other institutional investors have also added to or reduced their stakes in RGTI. GAMMA Investing LLC raised its position in Rigetti Computing by 15,050.9% in the first quarter. GAMMA Investing LLC now owns 25,605 shares of the company's stock worth $203,000 after acquiring an additional 25,436 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in Rigetti Computing in the first quarter worth approximately $126,000. Janney Montgomery Scott LLC bought a new stake in shares of Rigetti Computing during the 1st quarter valued at $206,000. Kingswood Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the 1st quarter valued at $144,000. Finally, PFG Investments LLC bought a new stake in shares of Rigetti Computing during the 1st quarter valued at $687,000. 35.38% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the transaction, the director directly owned 293,461 shares of the company's stock, valued at $5,869,220. The trade was a 30.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 454,204 shares of company stock worth $10,300,876. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on RGTI shares. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective on the stock. B. Riley raised their price objective on shares of Rigetti Computing from $19.00 to $35.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a research report on Tuesday, October 7th. Benchmark raised their price objective on shares of Rigetti Computing from $20.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday, October 7th. Finally, Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.29.

Rigetti Computing Stock Performance

RGTI opened at $43.31 on Tuesday. The stock has a market capitalization of $14.04 billion, a price-to-earnings ratio of -56.99 and a beta of 1.60. The company has a fifty day moving average of $26.82 and a 200 day moving average of $17.16. Rigetti Computing, Inc. has a fifty-two week low of $1.06 and a fifty-two week high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of $1.80 million during the quarter, compared to analysts' expectations 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 forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

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.

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