Wealth Enhancement Advisory Services LLC Purchases 28,081 Shares of Rigetti Computing, Inc. $RGTI

Key Points

• Wealth Enhancement Advisory Services LLC significantly increased its stake in Rigetti Computing by 176.9% during the second quarter, now holding a total of 43,955 shares worth approximately $521,000.
• Rigetti Computing's stock analysts have a consensus rating of "Moderate Buy", with a target price of $19.71, reflecting optimism about the company's growth potential.
• Despite recent performance indicating a negative net margin of 2,134.92%, Rigetti Computing reported better-than-expected earnings per share of ($0.05) for the most recent quarter.

Wealth Enhancement Advisory Services LLC raised its position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 176.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,955 shares of the company's stock after purchasing an additional 28,081 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Rigetti Computing were worth $521,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. B. Riley upped their price target on Rigetti Computing from $19.00 to $35.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Williams Trading set a $20.00 price target on Rigetti Computing in a research note on Wednesday, August 13th. Weiss Ratings restated a "sell (e+)" rating on shares of Rigetti Computing in a research report on Saturday, September 27th. Finally, Benchmark upped their target price on Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.71.

Rigetti Computing Stock Performance

Shares of RGTI opened at $40.06 on Monday. The stock has a market capitalization of $12.99 billion, a price-to-earnings ratio of -52.71 and a beta of 1.60. Rigetti Computing, Inc. has a 52-week low of $0.73 and a 52-week high of $40.63. The stock's 50-day simple moving average is $19.69 and its 200 day simple moving average is $14.15.

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

Insider Activity

In other news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were 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 in the company, valued at approximately $2,724,342.04. The trade was a 2.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ray O. Johnson sold 126,295 shares of the company's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $20.00, for a total transaction 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. This trade represents a 30.09% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 457,624 shares of company stock worth $8,498,996. Corporate insiders own 1.90% of the company's stock.

About Rigetti Computing

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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