Owen LaRue LLC Takes $169,000 Position in Rigetti Computing, Inc. $RGTI

Key Points

• Owen LaRue LLC has acquired a new position in Rigetti Computing, investing approximately $169,000 for 14,280 shares during the second quarter.
• Rigetti Computing reported a negative net margin of 2,134.92% in its latest quarterly earnings, with an EPS of ($0.05), beating analyst expectations of ($0.06).
• Multiple institutional investors have increased their positions in Rigetti Computing recently, with insiders selling 457,624 shares valued at nearly $8.5 million in the past 90 days.

Owen LaRue LLC purchased 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 disclosure with the SEC. The firm purchased 14,280 shares of the company's stock, valued at approximately $169,000.

Other institutional investors have also recently made changes to their positions in the company. Rhumbline Advisers boosted its holdings in shares of Rigetti Computing by 17.0% during the 1st quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock valued at $2,169,000 after acquiring an additional 39,743 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Rigetti Computing during the 1st quarter valued at about $206,000. Amalgamated Bank boosted its holdings in shares of Rigetti Computing by 33.1% during the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after acquiring an additional 1,622 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Rigetti Computing during the 1st quarter valued at about $126,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Rigetti Computing during the 1st quarter valued at about $178,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Trading Up 1.5%

NASDAQ RGTI opened at $32.10 on Friday. Rigetti Computing, Inc. has a 12 month low of $0.73 and a 12 month high of $34.40. The stock has a market cap of $10.41 billion, a price-to-earnings ratio of -42.24 and a beta of 1.44. The company's 50 day moving average is $17.69 and its two-hundred day moving average is $13.14.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates 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. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 17,635 shares of the firm's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $24.75, for a total transaction of $436,466.25. Following the sale, the director owned 182,371 shares in the company, valued at approximately $4,513,682.25. This trade represents a 8.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the sale, the director directly owned 14,902 shares of the company's stock, valued at approximately $290,589. This trade represents a 87.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 457,624 shares of company stock worth $8,498,996 in the last 90 days. Insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RGTI shares. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Benchmark increased their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective on the stock. Needham & Company LLC increased their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Finally, Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Rigetti Computing currently has an average rating of "Buy" and an average target price of $19.71.

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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