AlphaQuest LLC Invests $248,000 in Rigetti Computing, Inc. $RGTI

Key Points

• AlphaQuest LLC has invested approximately $248,000 in Rigetti Computing, acquiring 31,317 shares in the 1st quarter.
• Multiple hedge funds have increased their stakes in Rigetti Computing, including Envestnet Asset Management with a new stake valued at $456,000.
• Rigetti Computing's stock has seen target price increases from several analysts, with the average target now at $17.43 following recent upgrades to "buy" ratings.

AlphaQuest LLC purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 31,317 shares of the company's stock, valued at approximately $248,000.

Several other hedge funds have also recently modified their holdings of RGTI. Envestnet Asset Management Inc. purchased a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $456,000. NewEdge Advisors LLC lifted its position in shares of Rigetti Computing by 43.2% in the 4th quarter. NewEdge Advisors LLC now owns 8,594 shares of the company's stock worth $131,000 after purchasing an additional 2,594 shares during the period. Hsbc Holdings PLC lifted its position in shares of Rigetti Computing by 12.4% in the 4th quarter. Hsbc Holdings PLC now owns 20,154 shares of the company's stock worth $334,000 after purchasing an additional 2,222 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Rigetti Computing by 37.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 62,740 shares of the company's stock worth $958,000 after purchasing an additional 17,165 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $848,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RGTI. Needham & Company LLC upped their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. B. Riley increased their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Benchmark increased their target price on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Finally, Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $17.43.

Insider Transactions at Rigetti Computing

In related news, Director Ray O. Johnson sold 40,420 shares of the firm's 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 completion of the transaction, the director owned 419,756 shares in the company, valued at $6,296,340. This trade represents a 8.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the firm's 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 of the company's stock, valued at $2,724,342.04. This trade represents a 2.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,694 shares of company stock worth $1,698,130. Insiders own 1.90% of the company's stock.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $16.23 on Friday. The company has a market cap of $5.26 billion, a price-to-earnings ratio of -21.36 and a beta of 1.44. The stock's fifty day moving average price is $14.59 and its 200 day moving average price is $11.67. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results 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 company had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. Research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

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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