Wealth Management Partners LLC Invests $194,000 in Rigetti Computing, Inc. $RGTI

Key Points

• Wealth Management Partners LLC acquired 16,395 shares of Rigetti Computing, Inc. for approximately $194,000 in the second quarter.
• Brokerages have raised price targets for Rigetti Computing, with Benchmark setting a target at $20.00 and Needham & Company increasing theirs to $18.00, both maintaining a "buy" rating.
• Insider activity indicates significant selling; Director Helene Gail Sandford and Director Ray O. Johnson sold a total of 151,295 shares on September 12, reducing their ownership by 11.11% and 30.09% respectively.

Wealth Management Partners LLC acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 16,395 shares of the company's stock, valued at approximately $194,000.

A number of other large investors also recently made changes to their positions in the business. GAMMA Investing LLC lifted its position in shares of Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after purchasing an additional 3,064 shares in the last quarter. Center for Financial Planning Inc. purchased a new stake in shares of Rigetti Computing in the first quarter worth approximately $30,000. Quarry LP purchased a new stake in shares of Rigetti Computing in the first quarter worth approximately $31,000. Park Square Financial Group LLC purchased a new stake in shares of Rigetti Computing in the first quarter worth approximately $40,000. Finally, Banque Transatlantique SA purchased a new stake in shares of Rigetti Computing in the first quarter worth approximately $42,000. Institutional investors and hedge funds own 35.38% of the company's stock.

Insider Transactions at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the business's stock in a transaction that occurred 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 in the company, valued at approximately $2,724,342.04. The trade was a 2.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ray O. Johnson sold 126,295 shares of the business's stock in a transaction that occurred on Friday, September 12th. The stock was 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 owned 293,461 shares of the company's stock, valued at approximately $5,869,220. This trade represents a 30.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 457,624 shares of company stock worth $8,498,996.

Rigetti Computing Price Performance

RGTI traded down $0.15 on Monday, hitting $28.37. The company had a trading volume of 86,944,127 shares, compared to its average volume of 68,237,641. The company's fifty day moving average price is $16.41 and its 200 day moving average price is $12.58. Rigetti Computing, Inc. has a 1-year low of $0.71 and a 1-year high of $29.59. The stock has a market cap of $9.20 billion, a price-to-earnings ratio of -37.33 and a beta of 1.44.

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 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 firm had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. On average, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Analysts Set New Price Targets

RGTI has been the subject of a number of research analyst reports. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. B. Riley increased their price target on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research report on Monday. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research report on Wednesday, August 13th. Benchmark boosted their price target on Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Finally, Needham & Company LLC boosted their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $19.71.

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.