Intech Investment Management LLC Increases Holdings in Rigetti Computing, Inc. $RGTI

Key Points

• Intech Investment Management boosted its Rigetti Computing stake by 66.3% in the fourth quarter, ending with 120,260 shares valued at about $2.66 million.
• Institutional interest remains active, with several other hedge funds and investors also increasing positions; overall, 35.38% of Rigetti’s stock is owned by institutional investors.
• Despite positive analyst sentiment and recent quantum-related catalysts, insider selling has been notable, including CTO David Rivas selling nearly 500,000 shares; Rigetti also reported a smaller-than-expected quarterly loss and strong year-over-year revenue growth.

Intech Investment Management LLC raised its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 66.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 120,260 shares of the company's stock after buying an additional 47,935 shares during the period. Intech Investment Management LLC's holdings in Rigetti Computing were worth $2,664,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC increased its stake in shares of Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock worth $27,000 after purchasing an additional 707 shares in the last quarter. Tsfg LLC increased its stake in shares of Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company's stock worth $29,000 after purchasing an additional 1,000 shares in the last quarter. Danske Bank A S purchased a new stake in shares of Rigetti Computing in the 3rd quarter worth $30,000. Parallel Advisors LLC increased its stake in shares of Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company's stock worth $32,000 after purchasing an additional 871 shares in the last quarter. Finally, Valley National Advisers Inc. increased its stake in shares of Rigetti Computing by 1,400.0% in the 4th quarter. Valley National Advisers Inc. now owns 1,500 shares of the company's stock worth $33,000 after purchasing an additional 1,400 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares of the company's stock, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO David Rivas sold 499,328 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction 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 approximately $8,279,003. The trade was a 60.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 562,758 shares of company stock valued at $13,916,267. 1.60% of the stock is owned by insiders.

Trending Headlines about Rigetti Computing

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

• Positive Sentiment: Rigetti is set to receive up to $100 million in potential U.S. Commerce Department backing for quantum R&D, which could help fund efforts to solve scaling challenges and accelerate development. Article Title
• Positive Sentiment: The company also benefited from reports highlighting its CHIPS Act funding prospects, a multi-year U.S. Air Force Research Laboratory contract, a newly launched 108-qubit system on major cloud platforms, and a new quantum computing contract in India, all of which support the case for growing commercial traction. Article Title
• Neutral Sentiment: Wall Street sentiment remains broadly constructive, with analyst coverage still showing a “Moderate Buy” profile and price targets clustered above current levels, though some commentary notes that bullish recommendations can be overly optimistic. Article Title
• Negative Sentiment: Offsetting the optimism, CTO David Rivas disclosed a large insider sale of nearly 500,000 shares, which can raise concerns about near-term confidence even though insider selling does not necessarily signal fundamental weakness. Article Title

Wall Street Analysts Forecast Growth

RGTI has been the subject of several analyst reports. Mizuho reduced their price objective on Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating for the company in a research note on Tuesday, May 12th. Wall Street Zen upgraded Rigetti Computing from a "sell" rating to a "hold" rating in a research note on Saturday, May 23rd. TD Cowen lowered Rigetti Computing from a "buy" rating to a "hold" rating in a research note on Thursday, February 12th. Benchmark cut their price target on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating for the company in a research note on Friday, March 20th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $29.18.

Rigetti Computing Stock Up 4.9%

RGTI opened at $26.88 on Wednesday. The firm has a 50-day simple moving average of $17.99 and a two-hundred day simple moving average of $20.39. Rigetti Computing, Inc. has a 52 week low of $10.30 and a 52 week high of $58.15. The company has a market capitalization of $8.93 billion, a PE ratio of -30.90 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. During the same quarter last year, the firm earned ($0.05) EPS. The firm's revenue for the quarter was up 198.9% compared to the same quarter last year. As a group, sell-side analysts expect that Rigetti Computing, Inc. will post -0.21 earnings per share for the current year.

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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