B. Riley Wealth Advisors Inc. Acquires Shares of 24,990 Rigetti Computing, Inc. $RGTI

B. Riley Wealth Advisors Inc. bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 24,990 shares of the company’s stock, valued at approximately $744,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Spire Wealth Management lifted its holdings in Rigetti Computing by 2,400.0% during the third quarter. Spire Wealth Management now owns 1,875 shares of the company’s stock valued at $56,000 after purchasing an additional 1,800 shares during the last quarter. IFP Advisors Inc increased its stake in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after purchasing an additional 1,300 shares in the last quarter. Tripletail Wealth Management LLC bought a new stake in shares of Rigetti Computing in the third quarter valued at approximately $77,000. GAMMA Investing LLC boosted its holdings in Rigetti Computing by 25.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock worth $86,000 after buying an additional 587 shares during the period. Finally, Hollencrest Capital Management grew its stake in Rigetti Computing by 458.3% in the 2nd quarter. Hollencrest Capital Management now owns 4,020 shares of the company’s stock valued at $48,000 after buying an additional 3,300 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. B. Riley raised Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target for the company in a report on Thursday, January 22nd. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Jefferies Financial Group began coverage on shares of Rigetti Computing in a report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target on the stock. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research report on Wednesday, January 21st. Finally, Benchmark decreased their target price on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Rigetti Computing presently has an average rating of “Moderate Buy” and a consensus target price of $32.60.

Rigetti Computing Trading Up 2.5%

NASDAQ:RGTI opened at $22.31 on Wednesday. Rigetti Computing, Inc. has a 12 month low of $6.86 and a 12 month high of $58.15. The stock has a market cap of $7.36 billion, a price-to-earnings ratio of -17.16 and a beta of 1.70. The company has a 50-day moving average price of $24.78 and a 200-day moving average price of $25.60.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping 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. Rigetti Computing’s revenue for the quarter was down 18.1% compared to the same quarter last year. Equities analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Rigetti Computing 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.