Invesco Ltd. Trims Stake in Rigetti Computing, Inc. $RGTI

Key Points

• Invesco Ltd. significantly reduced its stake in Rigetti Computing, Inc. by 97.6% in the first quarter, dropping to 108,118 shares after selling over 4.4 million shares.
• Several large investors have recently engaged with Rigetti, including Nuveen Asset Management, which increased its stake by 418.6%, now holding nearly 1 million shares valued at around $15 million.
• Analyst sentiment remains positive for Rigetti, with six research analysts giving the stock a Buy rating and an average target price of $17.43.

Invesco Ltd. trimmed its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 97.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,118 shares of the company's stock after selling 4,472,199 shares during the period. Invesco Ltd.'s holdings in Rigetti Computing were worth $856,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Hsbc Holdings PLC raised its holdings in Rigetti Computing by 12.4% during the 4th quarter. Hsbc Holdings PLC now owns 20,154 shares of the company's stock valued at $334,000 after buying an additional 2,222 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Rigetti Computing by 37.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 62,740 shares of the company's stock worth $958,000 after buying an additional 17,165 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Rigetti Computing during the 4th quarter worth $848,000. Northern Trust Corp boosted its position in Rigetti Computing by 19.2% during the fourth quarter. Northern Trust Corp now owns 1,328,083 shares of the company's stock valued at $20,267,000 after purchasing an additional 213,579 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new stake in Rigetti Computing during the fourth quarter valued at about $186,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Price Performance

NASDAQ RGTI traded down $0.02 during trading on Friday, hitting $15.10. The company's stock had a trading volume of 33,404,048 shares, compared to its average volume of 38,924,204. The company has a market cap of $4.89 billion, a PE ratio of -19.87 and a beta of 1.44. The business's 50 day simple moving average is $15.02 and its 200-day simple moving average is $11.80. Rigetti Computing, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $21.42.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.80 million during the quarter, compared to analysts' expectations of $1.87 million. Analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RGTI. Benchmark raised their price objective on Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Needham & Company LLC raised their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research report on Wednesday, July 16th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Cantor Fitzgerald initiated coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $17.43.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 44,355 shares of the firm's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the transaction, the chief technology officer directly owned 730,568 shares in the company, valued at $10,848,934.80. This trade represents a 5.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the transaction, the director owned 419,756 shares of the company's stock, valued at approximately $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,694 shares of company stock valued at $1,698,130. 1.90% of the stock is owned by company insiders.

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.