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

Private Advisor Group LLC decreased its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 58.0% in the 1st quarter, Holdings Channel reports. The firm owned 48,558 shares of the company’s stock after selling 67,076 shares during the period. Private Advisor Group LLC’s holdings in Rigetti Computing were worth $682,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Rigetti Computing by 12.2% in the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after purchasing an additional 3,924,171 shares in the last quarter. Victory Capital Management Inc. grew its stake in Rigetti Computing by 1,632.5% in the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after buying an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of Rigetti Computing in the 2nd quarter worth $21,887,000. Norges Bank bought a new position in shares of Rigetti Computing in the 4th quarter worth $38,889,000. Finally, Defiance ETFs LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at $34,267,000. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Stock Down 5.3%

Shares of NASDAQ:RGTI opened at $15.25 on Thursday. The stock has a market cap of $5.07 billion, a PE ratio of -17.53 and a beta of 1.95. The company’s fifty day moving average is $20.26 and its 200 day moving average is $19.08. 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 quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The business had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. During the same period in the prior year, the business posted ($0.05) earnings per share. The company’s revenue was up 198.9% on a year-over-year basis. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Activity

In related news, Director Ray O. Johnson sold 84,944 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the completion of the sale, the director directly owned 95,537 shares in the company, valued at $1,963,285.35. This represents a 47.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of the stock in a transaction dated 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 sale, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 728,901 shares of company stock valued at $17,546,343. Insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

RGTI has been the subject of a number of research analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, June 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a report on Sunday. Finally, Benchmark reduced their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $32.00.

Rigetti Computing Company 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.