Rigetti Computing, Inc. $RGTI Shares Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC has increased its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 359.1%, owning a total of 92,535 shares valued at $730,000.
• Several institutional investors have also recently modified their holdings in Rigetti, with notable increases including Nuveen Asset Management, which raised its stake by 418.6%.
• Rigetti Computing reported earnings of ($0.05) per share, surpassing analysts' expectations, but had a negative net margin of 2,134.92% and is anticipated to post -0.34 EPS for the current year.

Hsbc Holdings PLC increased its position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 359.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 92,535 shares of the company's stock after purchasing an additional 72,381 shares during the quarter. Hsbc Holdings PLC's holdings in Rigetti Computing were worth $730,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after buying an additional 3,064 shares during the last quarter. Center for Financial Planning Inc. purchased a new position in Rigetti Computing during the first quarter valued at $30,000. Park Square Financial Group LLC purchased a new position in Rigetti Computing during the first quarter valued at $40,000. Orion Capital Management LLC purchased a new position in Rigetti Computing during the fourth quarter valued at $46,000. Finally, US Bancorp DE raised its stake in Rigetti Computing by 29.4% during the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after buying an additional 1,420 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on RGTI shares. Benchmark lifted their target price on Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald started coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price for the company. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a report on Wednesday, July 16th. Finally, B. Riley lifted their price objective on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Rigetti Computing has a consensus rating of "Buy" and a consensus target price of $17.43.

Rigetti Computing Trading Down 5.9%

Shares of NASDAQ:RGTI traded down $0.96 during mid-day trading on Tuesday, reaching $15.27. The stock had a trading volume of 53,381,432 shares, compared to its average volume of 68,877,641. The business's 50 day moving average price is $14.69 and its 200 day moving average price is $11.70. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The company has a market cap of $4.95 billion, a P/E ratio of -20.13 and a beta of 1.44.

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

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the company's stock in a transaction 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 sale, the chief financial officer owned 183,581 shares in the company, valued at $2,724,342.04. This represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO David Rivas sold 44,355 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total value of $658,671.75. Following the sale, the chief technology officer owned 730,568 shares of the company's stock, valued at approximately $10,848,934.80. This represents a 5.72% decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,694 shares of company stock worth $1,698,130 in the last ninety days.

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.