Wealth Management Partners LLC Makes New Investment 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 bought a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 16,395 shares of the company's stock, valued at approximately $194,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of RGTI. GAMMA Investing LLC grew its holdings 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 valued at $26,000 after purchasing an additional 3,064 shares in the last quarter. Center for Financial Planning Inc. purchased a new stake in Rigetti Computing during the 1st quarter worth approximately $30,000. Quarry LP purchased a new stake in Rigetti Computing during the 1st quarter worth approximately $31,000. Park Square Financial Group LLC purchased a new stake in Rigetti Computing during the 1st quarter worth approximately $40,000. Finally, Banque Transatlantique SA purchased a new stake in Rigetti Computing during the 1st quarter worth approximately $42,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on RGTI shares. Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a research report on Wednesday, August 13th. B. Riley increased their price objective on shares of Rigetti Computing from $19.00 to $35.00 and gave the company a "buy" rating in a research report on Monday. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Benchmark increased their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Finally, Needham & Company LLC increased their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $19.71.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI traded up $3.77 during trading on Tuesday, hitting $32.14. 79,232,529 shares of the company were exchanged, compared to its average volume of 68,282,359. The stock has a market capitalization of $10.42 billion, a P/E ratio of -41.49 and a beta of 1.44. Rigetti Computing, Inc. has a 12-month low of $0.71 and a 12-month high of $31.42. The firm's 50 day moving average price is $16.72 and its 200-day moving average price is $12.71.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly 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 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 analysts' expectations of $1.87 million. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity

In other Rigetti Computing news, Director Ray O. Johnson sold 126,295 shares of the company'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 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 represents a 30.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of the company's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.50, for a total value of $1,950,000.00. Following the sale, the director directly owned 14,902 shares of the company's stock, valued at approximately $290,589. This represents a 87.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 457,624 shares of company stock worth $8,498,996 over the last quarter.

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.