Geode Capital Management LLC Acquires 196,891 Shares of Rigetti Computing, Inc. $RGTI

Key Points

• Geode Capital Management increased its Rigetti Computing stake by 2.6% in the fourth quarter, buying 196,891 more shares and bringing its total holding to 7.88 million shares worth about $174.9 million.
• Rigetti reported better-than-expected quarterly results, posting a smaller-than-expected loss of $0.04 per share and revenue of $4.4 million, which was up 198.9% year over year.
• Insiders sold shares recently, including CFO Jeffrey A. Bertelsen and CTO David Rivas, with total insider sales in the last quarter reaching 562,758 shares worth about $13.9 million.

Geode Capital Management LLC increased its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,879,325 shares of the company's stock after acquiring an additional 196,891 shares during the quarter. Geode Capital Management LLC owned approximately 2.39% of Rigetti Computing worth $174,930,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of RGTI. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company's stock worth $954,665,000 after acquiring an additional 9,228,888 shares during the period. Ameriprise Financial Inc. bought a new stake in Rigetti Computing during the second quarter worth $21,887,000. Clear Street Group Inc. bought a new stake in Rigetti Computing during the third quarter worth $47,752,000. UBS Group AG lifted its holdings in Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company's stock worth $91,788,000 after acquiring an additional 1,467,483 shares during the period. Finally, State Street Corp lifted its holdings in Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company's stock worth $104,997,000 after acquiring an additional 946,850 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Price Performance

Shares of RGTI opened at $24.09 on Thursday. The firm has a market cap of $8.01 billion, a PE ratio of -27.69 and a beta of 1.88. The stock's fifty day moving average price is $18.40 and its two-hundred day moving average price is $20.38. Rigetti Computing, Inc. has a 1 year low of $10.30 and a 1 year high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $4.40 million for the quarter, compared to analyst estimates 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 business's revenue was up 198.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) earnings per share. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business's stock in a transaction on 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 in the company, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 business's stock in a transaction 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 sale, the chief technology officer owned 325,945 shares in the company, valued at approximately $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 562,758 shares of company stock worth $13,916,267. 1.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RGTI shares. Rosenblatt Securities reiterated a "buy" rating and set a $40.00 price target on shares of Rigetti Computing in a report on Thursday, March 5th. Benchmark lowered their target price on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, March 20th. Wall Street Zen upgraded Rigetti Computing from a "sell" rating to a "hold" rating in a research note on Saturday, May 23rd. 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 on the stock. Finally, TD Cowen lowered Rigetti Computing from a "buy" rating to a "hold" rating in a research note on Thursday, February 12th. Eight analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.18.

Rigetti Computing News Roundup

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

• Positive Sentiment: Rigetti could benefit from up to $100 million in potential U.S. Commerce Department/CHIPS Act-backed quantum R&D funding, which may help accelerate development and address scaling challenges. Article Title
• Positive Sentiment: The company’s recent 108-qubit launch, cloud availability, and new international contract highlight continued commercial progress and reinforce the bullish case for quantum computing exposure. Article Title
• Positive Sentiment: Analysts remain broadly constructive, with multiple buy ratings and an average “Moderate Buy” view, which can help keep momentum traders interested in RGTI. Article Title
• Positive Sentiment: IBM’s large quantum investment is also being viewed as a sector tailwind that could validate the broader market opportunity for smaller quantum players like Rigetti. Article Title

About Rigetti Computing

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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