PFG Investments LLC Trims Stake in Rigetti Computing, Inc. $RGTI

Key Points

• PFG Investments LLC reduced its stake in Rigetti Computing by 80.8% during Q2, selling 70,037 shares and retaining only 16,653 shares valued at approximately $198,000.
• In the 1st quarter, several other investors made significant changes, with GAMMA Investing LLC increasing its stake by 1,813% and other firms also acquiring new positions in Rigetti Computing.
• Rigetti Computing's stock prices showed volatility, with a 1-year low of $0.73 and a high of $43.11; analysts have given the stock a consensus rating of "Moderate Buy" with a target price around $19.71.

PFG Investments LLC lessened its position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 80.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,653 shares of the company's stock after selling 70,037 shares during the quarter. PFG Investments LLC's holdings in Rigetti Computing were worth $198,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in Rigetti Computing by 1,813.0% in the 1st 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 period. Center for Financial Planning Inc. purchased a new position in shares of Rigetti Computing during the first quarter valued at approximately $30,000. Quarry LP bought a new position in shares of Rigetti Computing during the first quarter valued at approximately $31,000. Armstrong Advisory Group Inc. raised its holdings in shares of Rigetti Computing by 225.4% in the second 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 bought a new stake in shares of Rigetti Computing during the 1st quarter worth approximately $40,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Price Performance

RGTI stock opened at $41.71 on Tuesday. Rigetti Computing, Inc. has a 1-year low of $0.73 and a 1-year high of $43.11. The business has a 50-day moving average price of $20.21 and a 200 day moving average price of $14.38. The company has a market capitalization of $13.52 billion, a P/E ratio of -54.88 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results 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. The company 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, analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of recent analyst reports. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC boosted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research note on Wednesday, August 13th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Rigetti Computing in a report on Saturday, September 27th. Finally, Benchmark upped their target price 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. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $19.71.

Insider Activity

In other Rigetti Computing news, Director Helene Gail Sandford sold 25,000 shares of the company's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $18.54, for a total transaction of $463,500.00. Following the completion of the sale, the director owned 200,006 shares in the company, valued at $3,708,111.24. This represents a 11.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.50, for a total value of $1,950,000.00. Following the sale, the director directly owned 14,902 shares in the company, valued at $290,589. This trade represents a 87.03% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 457,624 shares of company stock valued at $8,498,996.

Rigetti Computing 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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