ORG Wealth Partners LLC Raises Stock Holdings in Rigetti Computing, Inc. $RGTI

Key Points

• ORG Wealth Partners LLC increased its stake in Rigetti Computing, Inc. by 666.7% in Q2, bringing their total ownership to 11,500 shares worth $130,000.
• Rigetti Computing's stock has an average target price of $19.71, with several analysts giving it a "buy" rating.
• Insider trading activity includes CTO David Rivas selling 44,355 shares and Director Ray O. Johnson selling 126,295 shares, indicating significant changes in their ownership positions.

ORG Wealth Partners LLC boosted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 666.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,500 shares of the company's stock after buying an additional 10,000 shares during the quarter. ORG Wealth Partners LLC's holdings in Rigetti Computing were worth $130,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Owen LaRue LLC acquired a new stake in Rigetti Computing during the second quarter worth about $169,000. Armstrong Advisory Group Inc. lifted its stake 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 in the last quarter. Wealth Management Partners LLC bought a new position in Rigetti Computing in the second quarter worth about $194,000. Farther Finance Advisors LLC raised its position in Rigetti Computing by 2,543.3% in the second quarter. Farther Finance Advisors LLC now owns 6,106 shares of the company's stock worth $72,000 after acquiring an additional 5,875 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Rigetti Computing by 176.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,955 shares of the company's stock worth $521,000 after buying an additional 28,081 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RGTI. Williams Trading set a $20.00 price target on Rigetti Computing in a report on Wednesday, August 13th. Needham & Company LLC raised their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research note on Wednesday, July 16th. Finally, Cantor Fitzgerald assumed coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $19.71.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 44,355 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total transaction of $658,671.75. Following the transaction, the chief technology officer directly owned 730,568 shares of the company's stock, valued at approximately $10,848,934.80. The trade was a 5.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the business's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $20.00, for a total value of $2,525,900.00. Following the transaction, the director directly owned 293,461 shares of the company's stock, valued at $5,869,220. This trade represents a 30.09% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 457,624 shares of company stock worth $8,498,996. 1.90% of the stock is currently owned by corporate insiders.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $31.18 on Friday. The stock's 50-day moving average is $17.97 and its 200-day moving average is $13.33. Rigetti Computing, Inc. has a 12 month low of $0.73 and a 12 month high of $34.40. The company has a market cap of $10.11 billion, a price-to-earnings ratio of -41.03 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The company had revenue of $1.80 million for the quarter, compared to analysts' expectations of $1.87 million. Research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS 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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