Rigetti Computing, Inc. $RGTI Shares Sold by Florida Financial Advisors LLC

Florida Financial Advisors LLC reduced its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI) by 51.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 26,770 shares of the company’s stock after selling 28,241 shares during the quarter. Florida Financial Advisors LLC’s holdings in Rigetti Computing were worth $593,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in RGTI. Vanguard Group Inc. increased its stake in Rigetti Computing by 12.2% during the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after acquiring an additional 3,924,171 shares during the last quarter. State Street Corp increased its stake in Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after acquiring an additional 946,850 shares during the last quarter. Geode Capital Management LLC increased its stake in Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after acquiring an additional 196,891 shares during the last quarter. UBS Group AG increased its stake in Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after acquiring an additional 1,467,483 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Rigetti Computing by 16.3% during the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after acquiring an additional 397,905 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Stock Up 0.4%

NASDAQ:RGTI opened at $25.63 on Tuesday. The business’s 50 day moving average is $17.99 and its two-hundred day moving average is $20.39. Rigetti Computing, Inc. has a 52 week low of $10.30 and a 52 week high of $58.15. The company has a market cap of $8.52 billion, a PE ratio of -29.46 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, May 11th. The company reported ($0.04) EPS 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 company had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same quarter last year, the business posted ($0.05) EPS. Rigetti Computing’s quarterly revenue was up 198.9% compared to the same quarter last year. As a group, sell-side analysts expect that Rigetti Computing, Inc. will post -0.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RGTI. Needham & Company LLC restated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Benchmark dropped their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Mizuho dropped their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Finally, TD Cowen lowered Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.18.

Insider Buying and Selling

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction that occurred 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 sale, the chief financial officer directly owned 171,927 shares in the company, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was 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 in the company, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 562,758 shares of company stock worth $13,916,267 over the last quarter. Insiders own 1.60% of the company’s stock.

Rigetti Computing 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.