Private Advisor Group LLC Sells 67,076 Shares of Rigetti Computing, Inc. $RGTI

Private Advisor Group LLC trimmed its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 58.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,558 shares of the company’s stock after selling 67,076 shares during the quarter. Private Advisor Group LLC’s holdings in Rigetti Computing were worth $682,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Heritage Wealth Advisors raised its holdings in shares of Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares during the period. Larson Financial Group LLC grew its holdings in Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares during the period. EFG International AG bought a new position in Rigetti Computing during the fourth quarter valued at $28,000. Tsfg LLC increased its position in Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Rigetti Computing by 180.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after buying an additional 858 shares during the last quarter. 35.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RGTI. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Sunday. Benchmark decreased their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Mizuho dropped their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Finally, Northland Securities initiated coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price for the company. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.00.

Insider Activity

In other Rigetti Computing news, Director Ray O. Johnson sold 122,188 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the sale, the director directly owned 171,273 shares in the company, valued at $3,648,114.90. This represents a 41.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the transaction, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 728,901 shares of company stock worth $17,546,343. 1.60% of the stock is owned by company insiders.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $15.25 on Thursday. The business’s fifty day moving average is $20.26 and its 200 day moving average is $19.08. The firm has a market cap of $5.07 billion, a price-to-earnings ratio of -17.53 and a beta of 1.95. Rigetti Computing, Inc. has a 52-week low of $12.53 and a 52-week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. During the same quarter in the previous year, the firm earned ($0.05) EPS. The company’s quarterly revenue was up 198.9% compared to the same quarter last year. Equities analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Rigetti Computing Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.