Strategic Blueprint LLC Purchases New Holdings in Rigetti Computing, Inc. $RGTI

Strategic Blueprint LLC purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 12,150 shares of the company’s stock, valued at approximately $144,000.

Several other institutional investors have also recently added to or reduced their stakes in RGTI. GAMMA Investing LLC increased its position in Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after acquiring an additional 3,064 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Rigetti Computing in the 1st quarter valued at approximately $126,000. Janney Montgomery Scott LLC purchased a new stake in Rigetti Computing in the 1st quarter valued at approximately $206,000. Sequoia Financial Advisors LLC boosted its holdings in Rigetti Computing by 106.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 122,058 shares of the company’s stock valued at $967,000 after purchasing an additional 63,036 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Rigetti Computing in the 1st quarter valued at approximately $178,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Insider Buying and Selling at Rigetti Computing

In other news, Director Thomas J. Iannotti sold 100,000 shares of the firm’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the sale, the director owned 14,902 shares in the company, valued at $290,589. This trade represents a 87.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the sale, the director owned 120,371 shares in the company, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 454,204 shares of company stock valued at $10,300,876.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $40.24 on Tuesday. Rigetti Computing, Inc. has a 1 year low of $1.06 and a 1 year high of $58.15. The company has a market capitalization of $13.04 billion, a P/E ratio of -52.95 and a beta of 1.60. The business has a 50 day moving average price of $29.02 and a 200 day moving average price of $18.23.

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RGTI. Needham & Company LLC lifted their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a report on Monday, August 4th. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald initiated coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price target on the stock. Benchmark boosted their price target on Rigetti Computing from $20.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Finally, Williams Trading set a $50.00 price target on Rigetti Computing in a research note on Tuesday, October 7th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $28.29.

Rigetti Computing 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.