Concurrent Investment Advisors LLC Buys 63,412 Shares of Rigetti Computing, Inc. $RGTI

Concurrent Investment Advisors LLC boosted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 66.4% in the second quarter, Holdings Channel reports. The firm owned 158,946 shares of the company’s stock after purchasing an additional 63,412 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Rigetti Computing were worth $3,071,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Heritage Wealth Advisors increased its holdings in Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after buying an additional 954 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after acquiring an additional 707 shares during the period. PeakShares LLC bought a new stake in shares of Rigetti Computing during the 1st quarter worth approximately $28,000. EFG International AG acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $28,000. Finally, Tsfg LLC raised its position in Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on RGTI shares. Weiss Ratings upgraded Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Jefferies Financial Group restated a “hold” rating and set a $18.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Mizuho reduced their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Finally, Zacks Research downgraded Rigetti Computing from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $30.67.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 25,000 shares of the stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the transaction, the chief financial officer directly owned 168,067 shares in the company, valued at approximately $2,521,005. This trade represents a 12.95% decrease in their ownership of the stock. 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, Director Ray O. Johnson sold 84,944 shares of Rigetti Computing stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $20.55, for a total value of $1,745,599.20. Following the sale, the director directly owned 95,537 shares in the company, valued at $1,963,285.35. The trade was a 47.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 128,633 shares of company stock worth $2,434,889. 1.60% of the stock is currently owned by insiders.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $15.20 on Tuesday. Rigetti Computing, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $58.15. The firm has a market capitalization of $5.07 billion, a P/E ratio of -16.89 and a beta of 2.00. The company’s 50 day moving average price is $16.34 and its two-hundred day moving average price is $17.66.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The firm had revenue of $5.14 million for the quarter, compared to analysts’ expectations of $5.09 million. On average, analysts expect that Rigetti Computing, Inc. will post -0.27 earnings per share for the current year.

About Rigetti Computing

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.