Cavalier Investments LLC Makes New Investment in Rigetti Computing, Inc. $RGTI

Key Points

• Cavalier Investments LLC acquired 49,643 shares of Rigetti Computing, valued at approximately $589,000, indicating growing institutional interest in the company.
• Rigetti Computing reported a quarterly loss of ($0.05) EPS, slightly better than the consensus estimate, but faced a negative net margin of 2,134.92%.
• Analysts have issued a consensus rating of "Moderate Buy" for Rigetti Computing, with a target price ranging from $18.00 to $50.00.

Cavalier Investments LLC acquired a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 49,643 shares of the company's stock, valued at approximately $589,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. IFP Advisors Inc increased its stake in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after purchasing an additional 1,300 shares in the last quarter. Stratos Wealth Partners LTD. increased its position in Rigetti Computing by 9.8% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company's stock valued at $178,000 after buying an additional 1,342 shares in the last quarter. US Bancorp DE boosted its holdings in Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock worth $49,000 after acquiring an additional 1,420 shares in the last quarter. Kellett Wealth Advisors LLC grew its stake in Rigetti Computing by 10.5% in the second quarter. Kellett Wealth Advisors LLC now owns 17,052 shares of the company's stock valued at $202,000 after acquiring an additional 1,619 shares during the period. Finally, Amalgamated Bank increased its holdings in shares of Rigetti Computing by 33.1% during 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 owned by institutional investors.

Rigetti Computing Stock Performance

Shares of RGTI stock opened at $40.00 on Wednesday. The company has a market capitalization of $12.97 billion, a price-to-earnings ratio of -52.63 and a beta of 1.60. Rigetti Computing, Inc. has a 52-week low of $1.06 and a 52-week high of $58.15. The company has a 50-day simple moving average of $27.30 and a two-hundred day simple moving average of $17.32.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million for 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, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In other news, Director Thomas J. Iannotti sold 100,000 shares of the firm'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 of the company's stock, valued at $290,589. This trade represents a 87.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO David Rivas sold 44,355 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total transaction of $658,671.75. Following the completion of the transaction, the chief technology officer directly owned 730,568 shares in the company, valued at $10,848,934.80. This trade represents a 5.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 454,204 shares of company stock worth $10,300,876.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Williams Trading set a $50.00 target price on shares of Rigetti Computing in a report on Tuesday, October 7th. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research note on Wednesday, July 16th. Needham & Company LLC increased their price objective on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Finally, Benchmark raised their target price on Rigetti Computing from $20.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.29.

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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