Avior Wealth Management LLC Buys Shares of 10,236 Rigetti Computing, Inc. $RGTI

Key Points

• Avior Wealth Management LLC acquired 10,236 shares of Rigetti Computing, Inc. valued at approximately $121,000 during the second quarter.
• Insider trading activity included Director Thomas J. Iannotti selling 100,000 shares for $1.95 million and Director Michael S. Clifton selling 75,000 shares for $1.43 million on September 12th.
• Several research analysts have assigned a Buy rating to Rigetti Computing, with average target prices ranging from $15 to $35.

Avior Wealth Management LLC bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 10,236 shares of the company's stock, valued at approximately $121,000.

A number of other large investors have also recently bought and sold shares of RGTI. Armstrong Advisory Group Inc. boosted its holdings in shares of Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after purchasing an additional 2,060 shares during the last quarter. GAMMA Investing LLC boosted its holdings 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 during the last quarter. Center for Financial Planning Inc. acquired a new stake in shares of Rigetti Computing during the first quarter worth $30,000. Quarry LP acquired a new stake in shares of Rigetti Computing during the first quarter worth $31,000. Finally, Park Square Financial Group LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth $40,000. Institutional investors and hedge funds own 35.38% of the company's stock.

Insider Buying and Selling

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of the firm's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the transaction, the director directly owned 14,902 shares of the company's stock, valued at $290,589. This trade represents a 87.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of the firm's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the transaction, the director directly owned 653,766 shares in the company, valued at $12,421,554. This trade represents a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 457,624 shares of company stock valued at $8,498,996 over the last ninety days. Insiders own 1.90% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RGTI shares. Cantor Fitzgerald started coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective on the stock. Needham & Company LLC raised their price objective on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. B. Riley raised their price objective on Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Finally, Williams Trading set a $20.00 target price on Rigetti Computing in a report on Wednesday, August 13th. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $19.71.

Rigetti Computing Price Performance

NASDAQ:RGTI opened at $29.85 on Thursday. The business's 50-day moving average is $18.81 and its two-hundred day moving average is $13.71. Rigetti Computing, Inc. has a 12 month low of $0.73 and a 12 month high of $34.40. The firm has a market capitalization of $9.68 billion, a PE ratio of -39.28 and a beta of 1.59.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released 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. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The company had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. Equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

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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