Patriot Financial Group Insurance Agency LLC Purchases 63,331 Shares of Rigetti Computing, Inc. $RGTI

Patriot Financial Group Insurance Agency LLC increased its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 105.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 123,460 shares of the company’s stock after purchasing an additional 63,331 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Rigetti Computing were worth $1,733,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Danske Bank A S bought a new stake in Rigetti Computing in the third quarter worth about $30,000. Parallel Advisors LLC boosted its position in shares of Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after buying an additional 871 shares during the period. Clearstead Advisors LLC bought a new position in shares of Rigetti Computing during the third quarter valued at approximately $35,000. Heritage Wealth Advisors grew its stake in shares of Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after buying an additional 954 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Stock Performance

Rigetti Computing stock opened at $19.44 on Tuesday. The company has a market capitalization of $6.46 billion, a PE ratio of -22.34 and a beta of 1.88. The company has a 50 day moving average price of $20.45 and a 200-day moving average price of $19.72. Rigetti Computing, Inc. has a fifty-two week low of $11.14 and a fifty-two week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. The company had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.Rigetti Computing’s quarterly revenue was up 198.9% on a year-over-year basis. During the same period last year, the business posted ($0.05) EPS. On average, analysts forecast that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In related news, Director Ray O. Johnson sold 122,188 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the sale, the director directly owned 171,273 shares of the company’s stock, valued at $3,648,114.90. This represents a 41.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the transaction, the chief technology officer owned 325,945 shares in the company, valued at approximately $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on RGTI. Benchmark decreased 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Northland Securities started coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price on the stock. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.18.

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.