Bank of America Corp DE reduced its position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 10.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,064,678 shares of the company's stock after selling 244,959 shares during the period. Bank of America Corp DE owned 0.62% of Rigetti Computing worth $28,988,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the business. Clear Street Group Inc. boosted its holdings in Rigetti Computing by 71.1% in the 4th quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company's stock worth $60,761,000 after buying an additional 1,140,183 shares during the period. Patriot Financial Group Insurance Agency LLC raised its holdings in Rigetti Computing by 105.3% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company's stock valued at $1,733,000 after acquiring an additional 63,331 shares during the period. Intech Investment Management LLC raised its holdings in Rigetti Computing by 66.3% during the 4th quarter. Intech Investment Management LLC now owns 120,260 shares of the company's stock valued at $2,664,000 after acquiring an additional 47,935 shares during the period. Spear Advisors LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth $2,062,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Rigetti Computing during the fourth quarter worth $4,937,000. 35.38% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Rigetti Computing
In related news, CTO David Rivas sold 499,328 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer owned 325,945 shares of the company's stock, valued at $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the sale, the chief financial officer owned 171,927 shares in the company, valued at $3,945,724.65. The trade was a 2.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 728,901 shares of company stock valued at $17,546,343 in the last quarter. Insiders own 1.60% of the company's stock.
Rigetti Computing Stock Performance
NASDAQ:RGTI opened at $18.82 on Monday. Rigetti Computing, Inc. has a 52-week low of $12.53 and a 52-week high of $58.15. The stock has a fifty day moving average of $17.68 and a 200 day moving average of $17.82. The firm has a market capitalization of $6.28 billion, a price-to-earnings ratio of -20.91 and a beta of 1.99.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.05). Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%.The business had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Equities analysts forecast that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.
Analysts Set New Price Targets
RGTI has been the subject of several recent research reports. Rosenblatt Securities reiterated a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Wall Street Zen cut Rigetti Computing from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Northland Securities began coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a "market perform" rating and a $20.00 target price for the company. Benchmark assumed coverage on Rigetti Computing in a report on Monday, July 27th. They set a "buy" rating and a $25.00 target price for the company. Finally, Weiss Ratings cut Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 11th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.67.
View Our Latest Analysis on Rigetti Computing
Rigetti Computing Company Profile
(
Free Report)
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.
See Also
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