Creative Planning Has $1.01 Million Stake in Rigetti Computing, Inc. $RGTI

Creative Planning raised its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 48.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 85,089 shares of the company’s stock after acquiring an additional 27,729 shares during the quarter. Creative Planning’s holdings in Rigetti Computing were worth $1,009,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Cetera Investment Advisers boosted its position in shares of Rigetti Computing by 59.6% during the 1st quarter. Cetera Investment Advisers now owns 67,742 shares of the company’s stock valued at $537,000 after purchasing an additional 25,286 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Rigetti Computing in the first quarter valued at approximately $548,000. LPL Financial LLC grew its position in Rigetti Computing by 122.2% in the 1st quarter. LPL Financial LLC now owns 287,811 shares of the company’s stock valued at $2,279,000 after purchasing an additional 158,301 shares during the period. XTX Topco Ltd increased its stake in Rigetti Computing by 155.4% during the 1st quarter. XTX Topco Ltd now owns 25,596 shares of the company’s stock valued at $203,000 after purchasing an additional 15,576 shares in the last quarter. Finally, US Bancorp DE raised its holdings in Rigetti Computing by 29.4% during the first quarter. US Bancorp DE now owns 6,248 shares of the company’s stock worth $49,000 after buying an additional 1,420 shares during the last quarter. 35.38% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. B. Riley dropped their price objective 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. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Needham & Company LLC upped their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. 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 research note on Tuesday, November 11th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and an average price target of $25.43.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the transaction, the director owned 14,902 shares in the company, valued at $290,589. This trade represents a 87.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the transaction, the director owned 120,371 shares of the company’s stock, valued at $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. Insiders sold 405,930 shares of company stock valued at $9,584,046 in the last three months.

Rigetti Computing Stock Performance

Rigetti Computing stock opened at $25.57 on Monday. The business’s 50 day simple moving average is $35.54 and its 200 day simple moving average is $21.90. Rigetti Computing, Inc. has a 12 month low of $2.42 and a 12 month high of $58.15. The company has a market cap of $8.44 billion, a price-to-earnings ratio of -19.67 and a beta of 1.69.

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