Dimensional Fund Advisors LP Sells 160,405 Shares of Rigetti Computing, Inc. $RGTI

Key Points

• Dimensional Fund Advisors cut its Rigetti Computing stake by 93.4% in the first quarter, selling 160,405 shares and retaining 11,367 shares valued at approximately $160,000. Institutional investors collectively own 35.38% of the company.
• Analyst sentiment remains broadly positive, with seven Buy ratings, four Holds and one Sell. Rigetti has a “Moderate Buy” consensus rating and an average price target of $30.67, despite Wall Street Zen downgrading the stock to Sell.
• Insider selling was significant: company insiders sold 728,901 shares worth $17.5 million over the past 90 days, including a 499,328-share sale by CTO David Rivas. Rigetti recently met quarterly EPS expectations at a loss of $0.05 and reported $5.14 million in revenue.

Dimensional Fund Advisors LP lowered its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 93.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,367 shares of the company's stock after selling 160,405 shares during the quarter. Dimensional Fund Advisors LP's holdings in Rigetti Computing were worth $160,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Heritage Wealth Advisors lifted its position in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock valued at $26,000 after acquiring an additional 954 shares during the period. Larson Financial Group LLC increased its position in shares of Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock worth $27,000 after purchasing an additional 707 shares during the period. PeakShares LLC acquired a new position in Rigetti Computing in the first quarter valued at about $28,000. EFG International AG acquired a new position in Rigetti Computing in the fourth quarter valued at about $28,000. Finally, Tsfg LLC lifted its position in Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company's stock worth $29,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 35.38% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on RGTI shares. Benchmark started coverage on shares of Rigetti Computing in a research note on Monday, July 27th. They set a "buy" rating and a $25.00 price objective on the stock. Wedbush began coverage on shares of Rigetti Computing in a research report on Monday, August 3rd. They set an "outperform" rating and a $40.00 price target on the stock. Needham & Company LLC reissued a "buy" rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Northland Securities initiated 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 objective for the company. Finally, Wall Street Zen cut Rigetti Computing from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Rigetti Computing has a consensus rating of "Moderate Buy" and a consensus target price of $30.67.

Insiders Place Their Bets

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of Rigetti Computing stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $22.95, for a total transaction of $84,501.90. Following the sale, the chief financial officer directly owned 171,927 shares of the company's stock, valued at approximately $3,945,724.65. This trade represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the company's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer directly owned 325,945 shares of the company's stock, valued at $8,279,003. This represents a 60.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 728,901 shares of company stock valued at $17,546,343 in the last 90 days. Corporate insiders own 1.60% of the company's stock.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $18.82 on Monday. The company's 50 day moving average price is $17.68 and its two-hundred day moving average price is $17.82. The firm has a market capitalization of $6.28 billion, a P/E ratio of -20.91 and a beta of 1.99. Rigetti Computing, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The company had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. On average, analysts expect that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Rigetti Computing Company 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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