Janney Montgomery Scott LLC Purchases 4,944 Shares of Rigetti Computing, Inc. $RGTI

Janney Montgomery Scott LLC grew its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 19.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,968 shares of the company’s stock after buying an additional 4,944 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Rigetti Computing were worth $367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. US Bancorp DE lifted its holdings in shares of Rigetti Computing by 29.4% during the 1st quarter. US Bancorp DE now owns 6,248 shares of the company’s stock valued at $49,000 after buying an additional 1,420 shares during the period. Amalgamated Bank lifted its holdings in shares of Rigetti Computing by 33.1% during the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company’s stock valued at $52,000 after buying an additional 1,622 shares during the period. Strategic Advocates LLC raised its holdings in Rigetti Computing by 10.9% in the 1st quarter. Strategic Advocates LLC now owns 19,379 shares of the company’s stock worth $153,000 after purchasing an additional 1,911 shares during the period. Armstrong Advisory Group Inc. raised its holdings in Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after purchasing an additional 2,060 shares during the period. Finally, Savvy Advisors Inc. raised its holdings in Rigetti Computing by 8.4% in the 1st quarter. Savvy Advisors Inc. now owns 28,588 shares of the company’s stock worth $226,000 after purchasing an additional 2,224 shares during the period. 35.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Cantor Fitzgerald assumed coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 target price on the stock. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Williams Trading set a $50.00 target price on Rigetti Computing in a report on Tuesday, October 7th. Finally, Benchmark raised their target price on Rigetti Computing from $20.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and an average price target of $28.29.

Insider Activity

In other news, Director Michael S. Clifton sold 75,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the completion of the transaction, the director owned 653,766 shares in the company, valued at $12,421,554. This trade represents a 10.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director owned 120,371 shares of the company’s stock, valued at approximately $5,403,454.19. The trade was a 34.00% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 454,204 shares of company stock valued at $10,300,876. 1.90% of the stock is owned by corporate insiders.

Rigetti Computing Stock Down 3.3%

Shares of Rigetti Computing stock opened at $46.38 on Friday. The firm has a market cap of $15.04 billion, a price-to-earnings ratio of -61.03 and a beta of 1.60. The business has a 50-day moving average price of $26.28 and a 200-day moving average price of $16.85. Rigetti Computing, Inc. has a twelve month low of $0.98 and a twelve month high of $58.15.

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

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.