14,300 Shares in Rigetti Computing, Inc. $RGTI Purchased by Zullo Investment Group Inc.

Zullo Investment Group Inc. acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 14,300 shares of the company’s stock, valued at approximately $170,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RGTI. GAMMA Investing LLC increased its position in Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock worth $26,000 after purchasing an additional 3,064 shares in the last quarter. IFP Advisors Inc increased its position in Rigetti Computing by 146.1% during the 2nd 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. Center for Financial Planning Inc. purchased a new stake in Rigetti Computing during the 1st quarter worth about $30,000. Quarry LP purchased a new stake in Rigetti Computing during the 1st quarter worth about $31,000. Finally, Armstrong Advisory Group Inc. increased its position in Rigetti Computing by 225.4% during 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 in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Analysts Set New Price Targets

RGTI has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday. Cantor Fitzgerald began coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price objective for the company. Williams Trading set a $50.00 price target on Rigetti Computing in a report on Tuesday. Needham & Company LLC lifted their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a report on Monday, August 4th. Finally, Benchmark lifted their price target on Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $28.29.

Insiders Place Their Bets

In other news, Director Helene Gail Sandford sold 25,000 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $18.54, for a total value of $463,500.00. Following the transaction, the director directly owned 200,006 shares of the company’s stock, valued at $3,708,111.24. The trade was a 11.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the transaction, the director directly owned 293,461 shares in the company, valued at $5,869,220. This represents a 30.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 457,624 shares of company stock worth $8,498,996. 1.90% of the stock is owned by insiders.

Rigetti Computing Price Performance

RGTI opened at $43.92 on Friday. The stock has a market capitalization of $14.24 billion, a price-to-earnings ratio of -57.79 and a beta of 1.60. The business has a 50-day moving average of $22.63 and a two-hundred day moving average of $15.28. Rigetti Computing, Inc. has a 12 month low of $0.74 and a 12 month high of $49.13.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The business had revenue of $1.80 million for 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%. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Rigetti Computing Company 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.