1,602,967 Shares in Rigetti Computing, Inc. $RGTI Purchased by Clear Street Group Inc.

Key Points

• Clear Street Group Inc. acquired 1,602,967 shares of Rigetti (~$47.75 million) in Q3, representing about 0.49% of the company per its SEC filing.
• Other institutions also moved heavily—Vanguard increased its stake 40.4% to 32,046,477 shares (~$954.7M) and UBS grew to 3,081,174 shares—leaving institutional ownership at about 35.38%.
• Insiders sold on March 10 (CTO David Rivas sold 36,719 shares; CFO Jeffrey Bertelsen sold 4,270) at $17.52, while Rigetti posted a slight quarterly EPS beat but declining revenue and steep negative margins; analysts' consensus is a "Moderate Buy" with an average target of $32.70.

Clear Street Group Inc. acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,602,967 shares of the company's stock, valued at approximately $47,752,000. Clear Street Group Inc. owned about 0.49% of Rigetti Computing as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Rigetti Computing by 40.4% in the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company's stock valued at $954,665,000 after purchasing an additional 9,228,888 shares during the period. Marex Group plc purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at approximately $87,414,000. Ameriprise Financial Inc. bought a new position in Rigetti Computing in the 2nd quarter worth approximately $21,887,000. UBS Group AG grew its stake in Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company's stock valued at $91,788,000 after buying an additional 1,467,483 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Rigetti Computing by 22.9% in the 2nd quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock valued at $76,910,000 after buying an additional 1,206,925 shares in the last quarter. Institutional investors own 35.38% of the company's stock.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the sale, the chief technology officer owned 651,914 shares of the company's stock, valued at approximately $11,421,533.28. This trade represents a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the business's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the transaction, the chief financial officer owned 175,609 shares of the company's stock, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

Rigetti Computing Trading Up 0.6%

Rigetti Computing stock opened at $16.17 on Friday. Rigetti Computing, Inc. has a 1-year low of $6.86 and a 1-year high of $58.15. The firm has a market capitalization of $5.34 billion, a PE ratio of -23.78 and a beta of 1.71. The firm's 50 day simple moving average is $19.66 and its 200 day simple moving average is $25.89.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The firm had revenue of $1.87 million during the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. Rigetti Computing's revenue was down 17.9% on a year-over-year basis. Research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RGTI shares. Jefferies Financial Group initiated coverage on shares of Rigetti Computing in a report on Tuesday, December 16th. They set a "hold" rating and a $30.00 target price on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, March 5th. Wall Street Zen lowered Rigetti Computing from a "hold" rating to a "sell" rating in a research note on Saturday, February 21st. Royal Bank Of Canada cut Rigetti Computing to a "hold" rating in a report on Thursday, January 22nd. Finally, Mizuho cut their target price on Rigetti Computing from $50.00 to $43.00 and set an "outperform" rating for the company in a research note on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Rigetti Computing has an average rating of "Moderate Buy" and a consensus target price of $32.70.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.