Greenhouse Wealth Management LLC Invests $162,000 in Rigetti Computing, Inc. $RGTI

Key Points

• Greenhouse Wealth Management LLC has invested approximately $162,000 in Rigetti Computing, acquiring 14,611 shares of the company.
• A number of analysts have rated Rigetti Computing as a "Buy," with target prices ranging from $15.00 to $20.00, and a consensus target price of $19.71.
• Recent insider trading activity includes substantial sales by directors, with over 457,624 shares sold worth about $8.5 million over the past quarter.

Greenhouse Wealth Management LLC bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 14,611 shares of the company's stock, valued at approximately $162,000.

Several other institutional investors also recently modified their holdings of RGTI. GAMMA Investing LLC grew its position in shares of Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after buying an additional 3,064 shares during the period. Center for Financial Planning Inc. acquired a new position in shares of Rigetti Computing during the 1st quarter worth about $30,000. Quarry LP acquired a new position in shares of Rigetti Computing during the 1st quarter worth about $31,000. Armstrong Advisory Group Inc. grew its position in shares of Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after buying an additional 2,060 shares during the period. Finally, Park Square Financial Group LLC acquired a new position in shares of Rigetti Computing during the 1st quarter worth about $40,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on RGTI. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note on Wednesday, July 16th. Benchmark increased their target price on Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Williams Trading set a $20.00 target price on Rigetti Computing in a research note on Wednesday, August 13th. Cantor Fitzgerald began coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Finally, Needham & Company LLC increased their target price on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $19.71.

Rigetti Computing Stock Down 4.9%

NASDAQ:RGTI opened at $29.65 on Tuesday. Rigetti Computing, Inc. has a twelve month low of $0.73 and a twelve month high of $34.40. The business has a 50 day moving average price of $18.25 and a two-hundred day moving average price of $13.49. The company has a market cap of $9.61 billion, a P/E ratio of -39.01 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Helene Gail Sandford sold 25,000 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $18.54, for a total value of $463,500.00. Following the completion of the sale, the director owned 200,006 shares of the company's stock, valued at approximately $3,708,111.24. This represents a 11.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the sale, the director directly owned 293,461 shares of the company's stock, valued at approximately $5,869,220. The trade was a 30.09% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 457,624 shares of company stock worth $8,498,996. 1.90% of the stock is currently owned by insiders.

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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