Rigetti Computing, Inc. $RGTI Shares Sold by Levin Capital Strategies L.P.

Key Points

• Levin Capital Strategies L.P. reduced its holdings in Rigetti Computing by 50%, selling 12,500 shares during Q2, leaving them with a total of 12,500 shares worth $148,000.
• Rigetti Computing's stock has seen significant insider selling, with directors selling a total of 454,204 shares valued at $10,300,876 in the last quarter.
• Shares of Rigetti Computing are currently down 11.6%, with a current market cap of $12.68 billion and showing a significant range within the last year between $1.06 and $58.15.

Levin Capital Strategies L.P. trimmed its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 50.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,500 shares of the company's stock after selling 12,500 shares during the period. Levin Capital Strategies L.P.'s holdings in Rigetti Computing were worth $148,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Rigetti Computing by 20.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,000 shares of the company's stock worth $71,000 after acquiring an additional 1,000 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after purchasing an additional 1,300 shares during the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of Rigetti Computing by 9.8% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company's stock worth $178,000 after purchasing an additional 1,342 shares during the last quarter. Center for Financial Planning Inc. grew its stake in shares of Rigetti Computing by 35.5% during the second quarter. Center for Financial Planning Inc. now owns 5,137 shares of the company's stock worth $61,000 after purchasing an additional 1,345 shares in the last quarter. Finally, US Bancorp DE increased 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 valued at $49,000 after buying an additional 1,420 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.

Insider Buying and Selling at Rigetti Computing

In other news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction on Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares of the company's stock, valued at $5,403,454.19. The trade was a 34.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas J. Iannotti sold 100,000 shares of the 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 sale, the director owned 14,902 shares of the company's stock, valued at approximately $290,589. This represents a 87.03% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 454,204 shares of company stock valued at $10,300,876.

Rigetti Computing Stock Down 11.6%

Shares of NASDAQ RGTI opened at $39.12 on Tuesday. The business has a 50-day moving average price of $31.60 and a 200 day moving average price of $19.41. The stock has a market cap of $12.68 billion, a PE ratio of -51.47 and a beta of 1.64. Rigetti Computing, Inc. has a 52-week low of $1.06 and a 52-week high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly 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. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The company had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RGTI shares. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Weiss Ratings restated a "sell (e+)" rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. Benchmark increased their price target on shares of Rigetti Computing from $20.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday, October 7th. Finally, Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a report on Tuesday, October 7th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.29.

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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