Triton Wealth Management PLLC Invests $418,000 in Rigetti Computing, Inc. $RGTI

Key Points

• Triton Wealth Management PLLC has invested approximately $418,000 in Rigetti Computing, acquiring 35,217 shares during the second quarter.
• Several institutional investors, including UNICOM Systems Inc. and Vanguard Group Inc., significantly increased their stakes in Rigetti Computing, reflecting growing institutional interest in the company.
• Rigetti Computing recently reported greater-than-expected quarterly earnings, with an EPS of ($0.05), exceeding analysts' consensus estimate of ($0.06).

Triton Wealth Management PLLC purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 35,217 shares of the company's stock, valued at approximately $418,000.

A number of other institutional investors have also recently added to or reduced their stakes in RGTI. UNICOM Systems Inc. increased its stake in shares of Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after purchasing an additional 3,521,935 shares during the last quarter. Vanguard Group Inc. increased its position in Rigetti Computing by 20.7% during the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after buying an additional 2,430,758 shares during the last quarter. Nuveen LLC acquired a new position in Rigetti Computing during the first quarter worth $6,523,000. Penserra Capital Management LLC raised its holdings in Rigetti Computing by 41.0% during the first quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock valued at $17,548,000 after buying an additional 644,455 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Rigetti Computing by 40.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company's stock worth $14,798,000 after buying an additional 538,792 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $56.12 on Wednesday. Rigetti Computing, Inc. has a 52-week low of $0.79 and a 52-week high of $58.15. The firm has a market capitalization of $18.19 billion, a price-to-earnings ratio of -73.84 and a beta of 1.60. The company's fifty day moving average is $24.21 and its two-hundred day moving average is $15.97.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. B. Riley raised their price objective on Rigetti Computing from $19.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Cantor Fitzgerald initiated 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 for the company. Benchmark upped their price objective on shares of Rigetti Computing from $20.00 to $50.00 and gave the stock a "buy" rating in a report on Tuesday, October 7th. Williams Trading set a $50.00 target price on shares of Rigetti Computing in a report on Tuesday, October 7th. Finally, Needham & Company LLC upped their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a report on Monday, August 4th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.29.

Insider Buying and Selling

In other news, CTO David Rivas sold 44,355 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total transaction of $658,671.75. Following the completion of the transaction, the chief technology officer directly owned 730,568 shares of the company's stock, valued at approximately $10,848,934.80. This trade represents a 5.72% 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 Ray O. Johnson sold 126,295 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of 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. In the last quarter, insiders have sold 392,204 shares of company stock worth $7,517,696.

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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