Sovereign Financial Group Inc. Acquires Shares of 10,800 Rigetti Computing, Inc. $RGTI

Sovereign Financial Group Inc. acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 10,800 shares of the company’s stock, valued at approximately $128,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RGTI. 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 valued at $203,000 after acquiring 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 valued at $2,169,000 after acquiring an additional 39,743 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in shares of Rigetti Computing during the first quarter valued at $126,000. Trust Co. of Toledo NA OH bought a new position in shares of Rigetti Computing during the first quarter valued at $165,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of Rigetti Computing during the first quarter valued at $206,000. 35.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

RGTI has been the subject of a number of analyst reports. Williams Trading set a $50.00 price objective on Rigetti Computing in a report on Tuesday, October 7th. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price target on the stock. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research report on Wednesday, July 16th. B. Riley upped their price target on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Finally, Needham & Company LLC upped their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Rigetti Computing currently has a consensus rating of “Moderate Buy” and an average price target of $28.29.

Insider Activity at Rigetti Computing

In other news, Director Helene Gail Sandford sold 25,000 shares of the business’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $18.54, for a total transaction of $463,500.00. Following the completion of the transaction, the director directly owned 200,006 shares in the company, valued at approximately $3,708,111.24. The trade was a 11.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO David Rivas sold 44,355 shares of the business’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the transaction, the chief technology officer owned 730,568 shares of the company’s stock, valued at $10,848,934.80. The trade was a 5.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 457,624 shares of company stock worth $8,498,996.

Rigetti Computing Trading Down 6.8%

Shares of NASDAQ:RGTI opened at $43.92 on Monday. The stock has a market capitalization of $14.24 billion, a P/E ratio of -57.79 and a beta of 1.60. Rigetti Computing, Inc. has a 1-year low of $0.74 and a 1-year high of $49.13. The business has a 50-day moving average price of $22.63 and a two-hundred day moving average price of $15.37.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million during the quarter, compared to analysts’ expectations of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. As a group, equities analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Rigetti Computing Company 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.