H&H Retirement Design & Management INC Purchases New Shares in Rigetti Computing, Inc. $RGTI

Key Points

• H&H Retirement Design & Management INC has acquired a new stake in Rigetti Computing, purchasing 23,700 shares valued at approximately $281,000 during the 2nd quarter.
• Institutional investors, including Vanguard Group and UNICOM Systems Inc, significantly increased their stakes in Rigetti Computing by over 20% this year, collectively owning 35.38% of the company's stock.
• Rigetti Computing reported a revenue of $1.80 million in its latest quarterly earnings, slightly below analyst estimates, and has a consensus target price of $28.29 among six analysts rating the stock as a buy.

H&H Retirement Design & Management INC acquired a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 23,700 shares of the company's stock, valued at approximately $281,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Rigetti Computing by 20.7% during the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after purchasing an additional 2,430,758 shares during the period. UNICOM Systems Inc. boosted its position in shares of Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of 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 buying an additional 644,455 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Rigetti Computing by 40.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company's stock worth $14,798,000 after purchasing an additional 538,792 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Rigetti Computing by 29.3% during the first quarter. Northern Trust Corp now owns 1,716,562 shares of the company's stock worth $13,595,000 after buying an additional 388,479 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI opened at $43.91 on Wednesday. Rigetti Computing, Inc. has a one year low of $0.73 and a one year high of $46.18. The firm has a fifty day moving average price of $20.80 and a two-hundred day moving average price of $14.59. The company has a market cap of $14.23 billion, a price-to-earnings ratio of -57.78 and a beta of 1.60.

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

Wall Street Analyst Weigh In

RGTI has been the subject of several research analyst reports. Needham & Company LLC upped their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a report on Monday, August 4th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research report on Wednesday, July 16th. Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a research report on Tuesday. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price on the stock. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Rigetti Computing currently has an average rating of "Moderate Buy" and a consensus target price of $28.29.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the completion of the sale, the director owned 14,902 shares of the company's stock, valued at approximately $290,589. This trade represents a 87.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total transaction of $58,157.96. Following the completion of the transaction, the chief financial officer directly owned 183,581 shares in the company, valued at approximately $2,724,342.04. The trade was a 2.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 457,624 shares of company stock valued at $8,498,996 over the last ninety days.

About Rigetti Computing

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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