Stratos Wealth Advisors LLC Buys New Shares in Rigetti Computing, Inc. $RGTI

Key Points

• Stratos Wealth Advisors LLC has acquired a new stake in Rigetti Computing, Inc., purchasing 11,150 shares worth about $132,000 in the second quarter.
• Multiple institutional investors have significantly increased their holdings in Rigetti Computing, with Vanguard Group Inc. growing its stake by 20.7% in the first quarter.
• Rigetti Computing reported a quarterly earnings per share of ($0.05), outperforming analyst expectations of ($0.06), despite a negative net margin of 2,134.92%.

Stratos Wealth Advisors LLC bought a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 11,150 shares of the company's stock, valued at approximately $132,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 20.7% in the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock valued at $112,283,000 after buying an additional 2,430,758 shares in the last quarter. UNICOM Systems Inc. lifted its holdings in Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after purchasing an additional 3,521,935 shares during the last quarter. Penserra Capital Management LLC lifted its holdings in Rigetti Computing by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock valued at $17,548,000 after purchasing an additional 644,455 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Rigetti Computing by 40.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company's stock valued at $14,798,000 after purchasing an additional 538,792 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Rigetti Computing by 29.3% during the 1st quarter. Northern Trust Corp now owns 1,716,562 shares of the company's stock valued at $13,595,000 after purchasing an additional 388,479 shares during the last quarter. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Stock Performance

RGTI opened at $43.31 on Tuesday. Rigetti Computing, Inc. has a fifty-two week low of $1.06 and a fifty-two week high of $58.15. The company has a market capitalization of $14.04 billion, a P/E ratio of -56.99 and a beta of 1.60. The stock has a fifty day moving average of $26.82 and a 200-day moving average of $17.16.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its 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 company had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. On average, equities research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Helene Gail Sandford sold 62,000 shares of the firm's stock in a transaction on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director owned 120,371 shares in the company, valued at approximately $5,403,454.19. This trade represents a 34.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO David Rivas sold 44,355 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the transaction, the chief technology officer owned 730,568 shares in the company, valued at $10,848,934.80. The trade was a 5.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 454,204 shares of company stock valued at $10,300,876 in the last ninety days. Insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RGTI. Benchmark raised their price target on Rigetti Computing from $20.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. Williams Trading set a $50.00 price target on Rigetti Computing in a report on Tuesday, October 7th. B. Riley raised their price target on Rigetti Computing from $19.00 to $35.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Rigetti Computing currently has a consensus rating of "Moderate Buy" and an average target price of $28.29.

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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