116,339 Shares in Rigetti Computing, Inc. $RGTI Purchased by FORA Capital LLC

Key Points

• FORA Capital LLC has acquired 116,339 shares of Rigetti Computing, valued at approximately $921,000, marking a new position in the company's stock.
• Multiple institutional investors, including the Manufacturers Life Insurance Company and Nuveen Asset Management LLC, have recently increased their stakes in Rigetti Computing, reflecting growing interest among institutional shareholders.
• Rigetti Computing has garnered a consensus rating of “Buy” from six analysts, with an average price target of $17.43, indicating positive sentiment about its future performance.

FORA Capital LLC acquired a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 116,339 shares of the company's stock, valued at approximately $921,000.

Other hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new position in Rigetti Computing in the fourth quarter valued at about $848,000. BNP Paribas Financial Markets purchased a new position in Rigetti Computing in the fourth quarter valued at about $316,000. Legal & General Group Plc raised its position in Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after purchasing an additional 1,817 shares during the period. Janney Montgomery Scott LLC purchased a new position in Rigetti Computing in the first quarter valued at about $206,000. Finally, Nuveen Asset Management LLC grew its stake in shares of Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock valued at $15,254,000 after acquiring an additional 806,878 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RGTI. Williams Trading set a $20.00 target price on Rigetti Computing in a research note on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. 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, B. Riley lifted their price target on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Rigetti Computing has an average rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Price Performance

NASDAQ RGTI traded down $0.35 on Friday, hitting $16.23. 42,398,450 shares of the stock were exchanged, compared to its average volume of 39,726,280. The company's 50-day moving average price is $14.59 and its two-hundred day moving average price is $11.67. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of -21.36 and a beta of 1.44.

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

Insider Activity

In other news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total transaction of $58,157.96. Following the completion of the transaction, the chief financial officer owned 183,581 shares of the company's stock, valued at approximately $2,724,342.04. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $606,300.00. Following the transaction, the director directly owned 419,756 shares of the company's stock, valued at $6,296,340. This represents a 8.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,694 shares of company stock worth $1,698,130 in the last 90 days. Insiders own 1.90% of the company's stock.

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.