Bank of New York Mellon Corp Has $18.22 Million Stake in Rigetti Computing, Inc. $RGTI

Bank of New York Mellon Corp lifted its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 15.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,297,462 shares of the company's stock after purchasing an additional 174,126 shares during the period. Bank of New York Mellon Corp owned 0.39% of Rigetti Computing worth $18,216,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in RGTI. Heritage Wealth Advisors boosted its stake in Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock valued at $26,000 after purchasing an additional 954 shares during the period. Larson Financial Group LLC grew its holdings in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock valued at $27,000 after buying an additional 707 shares in the last quarter. EFG International AG bought a new position in Rigetti Computing during the 4th quarter worth $28,000. Tsfg LLC increased its position in Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company's stock worth $29,000 after buying an additional 1,000 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Rigetti Computing by 180.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company's stock worth $30,000 after buying an additional 858 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $13.22 on Thursday. The stock's fifty day moving average price is $19.53 and its two-hundred day moving average price is $18.44. Rigetti Computing, Inc. has a one year low of $12.53 and a one year high of $58.15. The firm has a market cap of $4.39 billion, a PE ratio of -15.20 and a beta of 1.95.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $4.40 million during the quarter, compared to analysts' expectations of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company's quarterly revenue was up 198.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.05) EPS. Sell-side analysts expect that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Rosenblatt Securities reissued a "buy" rating and issued a $40.00 target price on shares of Rigetti Computing in a research report on Thursday, June 11th. Northland Securities began coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They set a "market perform" rating and a $20.00 price target on the stock. Benchmark began coverage on shares of Rigetti Computing in a research note on Monday. They issued a "buy" rating and a $25.00 price objective for the company. Weiss Ratings upgraded shares of Rigetti Computing from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 21st. Finally, Mizuho cut their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating for the company in a report on Tuesday, May 12th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Rigetti Computing currently has a consensus rating of "Moderate Buy" and a consensus price target of $32.00.

More Rigetti Computing News

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Rigetti is expanding its partnership with Hewlett Packard Enterprise to supply a nine-qubit Novera quantum system for TangleLab, a hybrid quantum-classical supercomputer being developed with the Pittsburgh Supercomputing Center under a National Science Foundation grant. The project could increase Rigetti’s visibility among government, academic and research users. Rigetti Expands HPE Partnership To Build NSF Backed TangleLab Supercomputer
• Positive Sentiment: Benchmark Co. initiated coverage with a “buy” rating and a $25 price target, implying substantial upside from recent levels. The new rating may help support investor sentiment, although it is only one analyst opinion. Benchmark Initiates Rigetti Coverage
• Positive Sentiment: Industry research suggests artificial intelligence and cloud-based quantum services could accelerate commercial adoption, while Rigetti remains one of the quantum companies attracting investor attention. WisdomTree Sizes Up the Quantum-Computing Industry
• Neutral Sentiment: Rigetti’s second-quarter results are approaching. A comparison with D-Wave indicates that D-Wave’s record bookings, backlog and commercial traction currently give it an advantage, increasing the importance of Rigetti demonstrating revenue growth and customer traction. RGTI vs. QBTS Ahead of Q2 Earnings
• Negative Sentiment: Quantum stocks, including Rigetti, IonQ and D-Wave, have fallen sharply over the past month as investors reduce exposure to expensive, unprofitable technology companies. The broader AI-infrastructure pullback has added to sector-wide selling pressure. Quantum Computing Stocks Face Further Selling Risk
• Negative Sentiment: Recent gains tied to quantum-industry announcements have been vulnerable to rapid profit-taking. D-Wave’s AT&T-related rally and subsequent pullback highlight the volatile, catalyst-driven trading environment affecting RGTI and its peers. D-Wave’s AT&T Deal and Quantum-Computing Adoption

Insider Buying and Selling

In related news, CTO David Rivas sold 499,328 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the sale, 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 document filed with the SEC, which is available through the SEC website. Also, Director Ray O. Johnson sold 122,188 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the sale, the director owned 171,273 shares in the company, valued at $3,648,114.90. The trade was a 41.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 728,901 shares of company stock worth $17,546,343. Company insiders own 1.60% of the company's stock.

Rigetti Computing Profile

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.

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