Patriot Financial Group Insurance Agency LLC Buys 63,331 Shares of Rigetti Computing, Inc. $RGTI

Patriot Financial Group Insurance Agency LLC grew its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 105.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 123,460 shares of the company’s stock after acquiring an additional 63,331 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Rigetti Computing were worth $1,733,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in RGTI. Danske Bank A S purchased a new stake in shares of Rigetti Computing during the 3rd quarter worth $30,000. Parallel Advisors LLC grew its stake in Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after purchasing an additional 871 shares during the last quarter. Clearstead Advisors LLC bought a new position in Rigetti Computing in the third quarter worth about $35,000. Heritage Wealth Advisors raised its holdings in Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in shares of 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 buying an additional 707 shares during the last quarter. 35.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on RGTI shares. Benchmark lowered their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Needham & Company LLC restated a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Northland Securities initiated coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price for the company. Finally, Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing has a consensus rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Stock Performance

Rigetti Computing stock opened at $19.44 on Tuesday. The stock has a market cap of $6.46 billion, a PE ratio of -22.34 and a beta of 1.88. The stock has a 50-day moving average of $20.45 and a two-hundred day moving average of $19.72. Rigetti Computing, Inc. has a one year low of $11.14 and a one year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $4.09 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The company’s revenue was up 198.9% on a year-over-year basis. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This trade represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was 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. This represents a 2.10% decrease in their position. 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. Insiders sold 728,901 shares of company stock worth $17,546,343 in the last three months. Corporate insiders own 1.60% of the company’s stock.

About Rigetti Computing

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.