Alyeska Investment Group L.P. Makes New Investment in Rigetti Computing, Inc. $RGTI

Key Points

• Alyeska Investment Group L.P. invested $909,000 in Rigetti Computing, acquiring approximately 114,801 shares during the 1st quarter of the year, as reported in their latest SEC filing.
• Rigetti Computing reported a quarterly revenue of $1.80 million with earnings per share of ($0.05), surpassing the consensus estimate, though it also faced a significant negative net margin of 2,134.92%.
• Multiple analysts have issued positive upgrades for Rigetti Computing, with B. Riley increasing its price target from $15.00 to $19.00 and maintaining a "buy" rating for the stock.

Alyeska Investment Group L.P. purchased a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 114,801 shares of the company's stock, valued at approximately $909,000.

Several other institutional investors also recently modified their holdings of RGTI. Vanguard Group Inc. lifted its holdings in shares of Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after acquiring an additional 2,430,758 shares during the last quarter. UNICOM Systems Inc. lifted its position in Rigetti Computing by 1,235.8% in the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after buying an additional 3,521,935 shares during the last quarter. Penserra Capital Management LLC lifted its position in Rigetti Computing by 41.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock worth $17,548,000 after buying an additional 644,455 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Rigetti Computing by 40.5% in 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 purchasing an additional 538,792 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Rigetti Computing by 29.3% during the first quarter. Northern Trust Corp now owns 1,716,562 shares of the company's stock valued at $13,595,000 after buying an additional 388,479 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of analyst reports. Needham & Company LLC lifted their price target on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Williams Trading set a $20.00 target price on Rigetti Computing in a report on Wednesday, August 13th. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price for the company. Benchmark lifted their price objective on Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $17.43.

Insider Buying and Selling

In other news, CTO David Rivas sold 44,355 shares of the firm's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the transaction, the chief technology officer owned 730,568 shares of the company's stock, valued at $10,848,934.80. This trade represents a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael S. Clifton sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the sale, the director owned 853,766 shares in the company, valued at approximately $12,806,490. The trade was a 2.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,694 shares of company stock worth $1,698,130. Corporate insiders own 1.90% of the company's stock.

Rigetti Computing Stock Down 0.1%

RGTI traded down $0.02 during mid-day trading on Friday, reaching $15.10. 33,404,048 shares of the company traded hands, compared to its average volume of 38,924,204. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42. The company's fifty day moving average price is $15.02 and its 200-day moving average price is $11.81. The stock has a market capitalization of $4.89 billion, a P/E ratio of -19.87 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 for the quarter, topping the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million for 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%. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

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.