108,673 Shares in Rigetti Computing, Inc. $RGTI Acquired by Ieq Capital LLC

Ieq Capital LLC purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 108,673 shares of the company's stock, valued at approximately $861,000.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock valued at $112,283,000 after acquiring an additional 2,430,758 shares in the last quarter. UNICOM Systems Inc. raised its stake in Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. Penserra Capital Management LLC raised its stake in Rigetti Computing by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock valued at $17,548,000 after acquiring an additional 644,455 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Rigetti Computing by 40.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company's stock valued at $14,798,000 after acquiring an additional 538,792 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Rigetti Computing by 29.3% during the 1st quarter. Northern Trust Corp now owns 1,716,562 shares of the company's stock valued at $13,595,000 after acquiring an additional 388,479 shares in the last quarter. Institutional investors own 35.38% of the company's stock.

Insider Buying and Selling

In related news, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $606,300.00. Following the transaction, the director directly owned 419,756 shares in the company, valued at $6,296,340. The trade was a 8.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of Rigetti Computing stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the transaction, the chief financial officer owned 183,581 shares in the company, valued at $2,724,342.04. The trade was a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,694 shares of company stock valued at $1,698,130.

Rigetti Computing Stock Performance

RGTI opened at $15.52 on Wednesday. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42. The stock's fifty day moving average is $14.78 and its 200-day moving average is $11.72. The company has a market capitalization of $5.03 billion, a PE ratio of -20.42 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. The company had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. On average, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several recent analyst reports. Benchmark lifted their target price on Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Cantor Fitzgerald began coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price on the stock. Needham & Company LLC boosted their price objective on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Finally, Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research note on Wednesday, July 16th. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $17.43.

About Rigetti Computing

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.

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