Zullo Investment Group Inc. Takes $170,000 Position in Rigetti Computing, Inc. $RGTI

Key Points

• Zullo Investment Group Inc. acquired a new position in Rigetti Computing, purchasing 14,300 shares valued at approximately $170,000 during the second quarter.
• Insider transactions revealed that CTO David Rivas and Director Helene Gail Sandford sold significant portions of their shares, indicating a 5.72% and 11.11% decrease in their respective holdings.
• Several brokerages have raised their price targets for Rigetti Computing, with Benchmark increasing theirs from $20.00 to $50.00, reflecting strong analyst sentiment towards the stock.

Zullo Investment Group Inc. acquired a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,300 shares of the company's stock, valued at approximately $170,000.

Several other large investors have also modified their holdings of RGTI. California State Teachers Retirement System lifted its holdings in shares of Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after purchasing an additional 1,301 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Rigetti Computing by 15,050.9% during the first quarter. GAMMA Investing LLC now owns 25,605 shares of the company's stock worth $203,000 after purchasing an additional 25,436 shares during the period. Rhumbline Advisers lifted its holdings in shares of Rigetti Computing by 17.0% during the first quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock worth $2,169,000 after purchasing an additional 39,743 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth $126,000. Finally, Trust Co. of Toledo NA OH acquired a new stake in shares of Rigetti Computing during the first quarter worth $165,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CTO David Rivas sold 44,355 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the transaction, the chief technology officer owned 730,568 shares in the company, valued at $10,848,934.80. This trade represents a 5.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Helene Gail Sandford sold 25,000 shares of the firm's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $18.54, for a total value of $463,500.00. Following the completion of the transaction, the director owned 200,006 shares of the company's stock, valued at approximately $3,708,111.24. This represents a 11.11% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 457,624 shares of company stock valued at $8,498,996. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on RGTI. Cantor Fitzgerald began coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Benchmark increased their price target on Rigetti Computing from $20.00 to $50.00 and gave the stock a "buy" rating in a report on Tuesday. Needham & Company LLC increased their price target on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, August 4th. B. Riley raised their target price on Rigetti Computing from $19.00 to $35.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Finally, Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a report on Wednesday, July 16th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $28.29.

Rigetti Computing Stock Performance

Rigetti Computing stock opened at $43.92 on Friday. Rigetti Computing, Inc. has a one year low of $0.74 and a one year high of $49.13. The business has a fifty day moving average of $22.63 and a two-hundred day moving average of $15.28. The company has a market cap of $14.24 billion, a P/E ratio of -57.79 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its 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 return on equity of 29.05% and a negative net margin of 2,134.92%.The company had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. Sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

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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