Burr Financial Services LLC Buys 392,711 Shares of Rigetti Computing, Inc. $RGTI

Burr Financial Services LLC bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 392,711 shares of the company’s stock, valued at approximately $6,181,000. Rigetti Computing accounts for approximately 3.8% of Burr Financial Services LLC’s holdings, making the stock its 9th biggest position.

Several other large investors have also recently bought and sold shares of the business. WealthPLAN Partners LLC grew its stake in Rigetti Computing by 1.0% during the fourth quarter. WealthPLAN Partners LLC now owns 72,500 shares of the company’s stock worth $1,606,000 after buying an additional 723 shares during the last quarter. Pathway Financial Advisers LLC boosted its holdings in shares of Rigetti Computing by 5.7% in the 1st quarter. Pathway Financial Advisers LLC now owns 17,746 shares of the company’s stock worth $249,000 after acquiring an additional 957 shares in the last quarter. Arizona State Retirement System grew its position in Rigetti Computing by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 91,650 shares of the company’s stock worth $1,771,000 after acquiring an additional 1,000 shares during the last quarter. Fortem Financial Group LLC grew its position in Rigetti Computing by 2.0% during the 1st quarter. Fortem Financial Group LLC now owns 54,986 shares of the company’s stock worth $772,000 after acquiring an additional 1,080 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Rigetti Computing by 31.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock valued at $65,000 after purchasing an additional 1,121 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Friday, August 7th. Weiss Ratings cut Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, September 17th. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Wedbush initiated coverage on shares of Rigetti Computing in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price on the stock. Finally, Jefferies Financial Group reissued a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $30.67.

Rigetti Computing Price Performance

Shares of RGTI stock traded down $0.71 during trading hours on Thursday, reaching $13.88. The company had a trading volume of 7,204,905 shares, compared to its average volume of 29,511,301. Rigetti Computing, Inc. has a 1-year low of $12.53 and a 1-year high of $58.15. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of -15.42 and a beta of 2.02. The company has a 50 day moving average of $16.19 and a 200 day moving average of $17.49.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%.The firm had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.27 EPS for the current fiscal year.

Insider Activity

In related news, CFO Jeffrey A. Bertelsen sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the sale, the chief financial officer directly owned 168,067 shares of the company’s stock, valued at approximately $2,521,005. This represents a 12.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Andrew Bestwick sold 5,791 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.81, for a total transaction of $97,346.71. Following the completion of the sale, the chief technology officer directly owned 1,036,121 shares in the company, valued at $17,417,194.01. This represents a 0.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 163,689 shares of company stock valued at $2,570,890. 1.60% of the stock is currently owned by company insiders.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software and control systems used to operate them, and provides access to its quantum computing capabilities through cloud-based services.

Rigetti’s products and services include its quantum processing units (QPUs), quantum-classical computing infrastructure, and the Rigetti Quantum Cloud Services platform.