Sovereign Financial Group Inc. Acquires New Holdings in Rigetti Computing, Inc. $RGTI

Sovereign Financial Group Inc. acquired a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 10,800 shares of the company’s stock, valued at approximately $128,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. IFP Advisors Inc grew its position in shares of Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after purchasing an additional 1,300 shares during the period. US Bancorp DE grew its position in shares of Rigetti Computing by 29.4% in the 1st quarter. US Bancorp DE now owns 6,248 shares of the company’s stock valued at $49,000 after purchasing an additional 1,420 shares during the period. Amalgamated Bank grew its position in shares of Rigetti Computing by 33.1% in the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company’s stock valued at $52,000 after purchasing an additional 1,622 shares during the period. Strategic Advocates LLC grew its position in shares of Rigetti Computing by 10.9% in the 1st quarter. Strategic Advocates LLC now owns 19,379 shares of the company’s stock valued at $153,000 after purchasing an additional 1,911 shares during the period. Finally, Armstrong Advisory Group Inc. grew its position in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after purchasing an additional 2,060 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the company’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 transaction of $58,157.96. Following the sale, the chief financial officer owned 183,581 shares in the company, valued at $2,724,342.04. This represents a 2.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Thomas J. Iannotti sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the sale, the director owned 14,902 shares in the company, valued at approximately $290,589. This represents a 87.03% 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 worth $8,498,996.

Rigetti Computing Stock Down 6.8%

Shares of Rigetti Computing stock opened at $43.92 on Monday. Rigetti Computing, Inc. has a 12-month low of $0.74 and a 12-month high of $49.13. The stock has a market cap of $14.24 billion, a P/E ratio of -57.79 and a beta of 1.60. The business’s 50 day moving average is $22.63 and its 200-day moving average is $15.37.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $1.87 million. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Analysts Set New Price Targets

RGTI has been the subject of several research analyst reports. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research report on Wednesday, July 16th. Needham & Company LLC boosted their target price on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Williams Trading set a $50.00 target price on Rigetti Computing in a research note on Tuesday, October 7th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Benchmark boosted their target price on Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Rigetti Computing presently has an average rating of “Moderate Buy” and an average target price of $28.29.

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.