Eagle Strategies LLC Invests $1.01 Million in Rigetti Computing, Inc. $RGTI

Key Points

• Eagle Strategies LLC has invested approximately $1.01 million in Rigetti Computing, acquiring 85,467 shares during the 2nd quarter.
• Several institutional investors, including Vanguard Group and UNICOM Systems, have significantly increased their stakes in Rigetti Computing, indicating strong interest in the company.
• Analysts have generally positive views on Rigetti Computing, with multiple firms issuing "buy" ratings and raising their target prices, with an average target price now at $28.29.

Eagle Strategies LLC bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 85,467 shares of the company's stock, valued at approximately $1,014,000.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in 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 in the last quarter. UNICOM Systems Inc. lifted its stake in Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. Penserra Capital Management LLC lifted its stake in Rigetti Computing by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock worth $17,548,000 after acquiring an additional 644,455 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Rigetti Computing by 40.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company's stock worth $14,798,000 after acquiring an additional 538,792 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Rigetti Computing by 29.3% during the 1st quarter. Northern Trust Corp now owns 1,716,562 shares of the company's stock worth $13,595,000 after acquiring an additional 388,479 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. B. Riley increased their target price on Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Cantor Fitzgerald assumed coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price target on the stock. Needham & Company LLC increased their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Rigetti Computing in a research report on Wednesday. Finally, Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research report on Wednesday, July 16th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of "Moderate Buy" and an average target price of $28.29.

Rigetti Computing Stock Performance

RGTI opened at $43.23 on Thursday. Rigetti Computing, Inc. has a one year low of $0.73 and a one year high of $48.23. The company has a market cap of $14.01 billion, a P/E ratio of -56.88 and a beta of 1.60. The business's 50-day simple moving average is $21.38 and its 200-day simple moving average is $14.78.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The business had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.87 million. As a group, analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Helene Gail Sandford sold 25,000 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $18.54, for a total transaction of $463,500.00. Following the transaction, the director owned 200,006 shares in the company, valued at $3,708,111.24. This trade represents a 11.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $20.00, for a total value of $2,525,900.00. Following the transaction, the director owned 293,461 shares in the company, valued at $5,869,220. This represents a 30.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 457,624 shares of company stock worth $8,498,996. 1.90% of the stock is currently owned by company insiders.

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.

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