Ameritas Investment Partners Inc. Purchases 9,781 Shares of Rigetti Computing, Inc. $RGTI

Ameritas Investment Partners Inc. grew its position in Rigetti Computing, Inc. (NASDAQ:RGTI) by 51.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,903 shares of the company’s stock after acquiring an additional 9,781 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Rigetti Computing were worth $343,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. IFP Advisors Inc grew its holdings in Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after purchasing an additional 1,300 shares during the last quarter. Armstrong Advisory Group Inc. grew its stake in shares of Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after buying an additional 2,060 shares during the last quarter. Quarry LP purchased a new stake in shares of Rigetti Computing in the first quarter worth approximately $31,000. PNC Financial Services Group Inc. raised its holdings in shares of Rigetti Computing by 80.8% in the second quarter. PNC Financial Services Group Inc. now owns 4,604 shares of the company’s stock worth $55,000 after buying an additional 2,057 shares during the period. Finally, Center for Financial Planning Inc. lifted its stake in shares of Rigetti Computing by 35.5% during the 2nd quarter. Center for Financial Planning Inc. now owns 5,137 shares of the company’s stock worth $61,000 after acquiring an additional 1,345 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on RGTI shares. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Needham & Company LLC boosted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a report on Tuesday, November 11th. B. Riley reduced their price target on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Finally, Benchmark decreased their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.43.

Rigetti Computing Price Performance

NASDAQ:RGTI opened at $25.57 on Friday. Rigetti Computing, Inc. has a 1-year low of $2.42 and a 1-year high of $58.15. The company has a 50-day moving average of $35.54 and a 200 day moving average of $21.83. The firm has a market cap of $8.44 billion, a PE ratio of -19.67 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $2.17 million. The company’s quarterly revenue was down 18.1% on a year-over-year basis. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 75,000 shares of the business’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the transaction, the director directly owned 653,766 shares of the company’s stock, valued at approximately $12,421,554. The trade was a 10.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 sale, the director directly owned 120,371 shares in the company, valued at approximately $5,403,454.19. The trade was a 34.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 405,930 shares of company stock valued at $9,584,046. 1.90% of the stock is owned by corporate insiders.

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.