Meridian Wealth Management LLC Invests $903,000 in Rigetti Computing, Inc. $RGTI

Meridian Wealth Management LLC purchased a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 30,297 shares of the company’s stock, valued at approximately $903,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of RGTI. Principal Financial Group Inc. raised its position in Rigetti Computing by 21.5% during the 3rd quarter. Principal Financial Group Inc. now owns 24,467 shares of the company’s stock valued at $729,000 after purchasing an additional 4,333 shares in the last quarter. Fortem Financial Group LLC increased its stake in shares of Rigetti Computing by 6.5% during the third quarter. Fortem Financial Group LLC now owns 50,391 shares of the company’s stock valued at $1,501,000 after buying an additional 3,085 shares during the period. Transcend Capital Advisors LLC bought a new stake in shares of Rigetti Computing in the third quarter valued at about $241,000. Fourth Dimension Wealth LLC lifted its stake in Rigetti Computing by 50.8% in the third quarter. Fourth Dimension Wealth LLC now owns 1,900 shares of the company’s stock worth $57,000 after acquiring an additional 640 shares during the period. Finally, Keybank National Association OH bought a new position in Rigetti Computing during the 3rd quarter worth about $216,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Price Performance

Shares of RGTI stock opened at $17.71 on Tuesday. The stock’s fifty day moving average price is $24.36 and its 200 day moving average price is $25.73. The company has a market cap of $5.84 billion, a price-to-earnings ratio of -13.62 and a beta of 1.70. Rigetti Computing, Inc. has a 1-year low of $6.86 and a 1-year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. The company’s revenue was down 18.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several research reports. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Jefferies Financial Group assumed coverage on Rigetti Computing in a report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target on the stock. Mizuho assumed coverage on Rigetti Computing in a research note on Thursday, December 11th. They set an “outperform” rating and a $50.00 price objective for the company. Finally, Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.60.

About Rigetti Computing

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.