Arete Wealth Advisors LLC Makes New $45,000 Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the 3rd quarter, HoldingsChannel reports. The firm bought 57,700 shares of the company’s stock, valued at approximately $45,000.

Other hedge funds have also modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Rigetti Computing in the second quarter valued at approximately $25,000. Cetera Advisors LLC acquired a new stake in Rigetti Computing during the 1st quarter valued at $38,000. Caprock Group LLC purchased a new stake in Rigetti Computing during the 2nd quarter worth $42,000. Point72 DIFC Ltd acquired a new position in Rigetti Computing in the 2nd quarter worth $88,000. Finally, Rhumbline Advisers purchased a new position in Rigetti Computing in the 2nd quarter valued at about $161,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. This represents a 3.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. This represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,998,325 shares of company stock worth $5,524,778. 2.81% of the stock is currently owned by insiders.

Rigetti Computing Trading Up 19.9 %

Shares of NASDAQ RGTI opened at $7.16 on Friday. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock’s 50 day moving average price is $2.08 and its two-hundred day moving average price is $1.33. Rigetti Computing, Inc. has a 52-week low of $1.13 and a 52-week high of $7.96. The stock has a market capitalization of $1.38 billion, a P/E ratio of -18.84 and a beta of 2.72.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley upped their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Benchmark reissued a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th.

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.