Truist Financial Corp Has $489,000 Stock Position in Rigetti Computing, Inc. $RGTI

Truist Financial Corp increased its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 21.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,273 shares of the company's stock after acquiring an additional 7,211 shares during the quarter. Truist Financial Corp's holdings in Rigetti Computing were worth $489,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RGTI. GAMMA Investing LLC lifted its stake in shares of Rigetti Computing by 15,050.9% in the first quarter. GAMMA Investing LLC now owns 25,605 shares of the company's stock worth $203,000 after acquiring an additional 25,436 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in shares of Rigetti Computing during the 1st quarter worth approximately $126,000. Janney Montgomery Scott LLC bought a new position in shares of Rigetti Computing during the 1st quarter worth approximately $206,000. Kingswood Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the 1st quarter worth approximately $144,000. Finally, PFG Investments LLC bought a new stake in shares of Rigetti Computing in the 1st quarter valued at $687,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Benchmark lifted their price objective 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. Weiss Ratings reiterated a "sell (e+)" rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a research note on Tuesday, October 7th. 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 and one has given a Sell rating to the stock. According to data from MarketBeat.com, Rigetti Computing has a consensus rating of "Moderate Buy" and a consensus price target of $28.29.

Insiders Place Their Bets

In related news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the sale, the chief financial officer directly owned 183,581 shares of the company's stock, valued at approximately $2,724,342.04. This represents a 2.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the stock in a transaction on Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the sale, the director directly owned 293,461 shares of the company's stock, valued at $5,869,220. The trade was a 30.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 392,204 shares of company stock worth $7,517,696 in the last three months. 1.90% of the stock is owned by corporate insiders.

Rigetti Computing Stock Up 0.4%

Shares of NASDAQ:RGTI opened at $56.34 on Thursday. Rigetti Computing, Inc. has a twelve month low of $0.80 and a twelve month high of $58.15. The stock's 50 day moving average is $25.01 and its 200-day moving average is $16.25. The firm has a market capitalization of $18.26 billion, a price-to-earnings ratio of -74.13 and a beta of 1.60.

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, beating analysts' consensus estimates of ($0.06) by $0.01. The business had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding RGTI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.