Wolverine Asset Management LLC Has $128,000 Position in Rigetti Computing, Inc. $RGTI

Wolverine Asset Management LLC lowered its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 28.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,771 shares of the company’s stock after selling 4,216 shares during the period. Wolverine Asset Management LLC’s holdings in Rigetti Computing were worth $128,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Atria Wealth Solutions Inc. bought a new stake in Rigetti Computing during the second quarter worth about $392,000. Avior Wealth Management LLC bought a new stake in Rigetti Computing during the second quarter worth about $121,000. Cavalier Investments LLC bought a new stake in Rigetti Computing during the second quarter worth about $589,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Rigetti Computing during the second quarter worth about $217,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Rigetti Computing by 176.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,955 shares of the company’s stock worth $521,000 after buying an additional 28,081 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Insiders Place Their Bets

In related news, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.50, for a total value of $1,950,000.00. Following the sale, the director directly owned 14,902 shares in the company, valued at $290,589. This trade represents a 87.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ray O. Johnson sold 126,295 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $20.00, for a total value of $2,525,900.00. Following the sale, the director directly owned 293,461 shares of the company’s stock, valued at approximately $5,869,220. The trade was a 30.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 454,204 shares of company stock worth $10,300,876 over the last ninety days.

Rigetti Computing Trading Down 11.6%

Shares of NASDAQ:RGTI opened at $39.12 on Tuesday. The stock has a market capitalization of $12.68 billion, a P/E ratio of -51.47 and a beta of 1.64. Rigetti Computing, Inc. has a 1-year low of $1.06 and a 1-year high of $58.15. The business has a 50-day moving average price of $31.60 and a two-hundred day moving average price of $19.41.

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

Analyst Ratings Changes

Several research analysts recently issued reports on RGTI shares. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research report on Wednesday, July 16th. Williams Trading set a $50.00 price target on shares of Rigetti Computing in a research report on Tuesday, October 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. B. Riley reiterated a “neutral” rating and set a $42.00 price target (up previously from $35.00) on shares of Rigetti Computing in a research report on Monday. 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. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $29.29.

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.