K2 Principal Fund L.P. Makes New Investment in Rigetti Computing, Inc. $RGTI

Key Points

• K2 Principal Fund L.P. acquired a new stake in Rigetti Computing, Inc. by purchasing 20,000 shares valued at approximately $158,000 in the first quarter.
• Insider trading activity revealed that CTO David Rivas and CFO Jeffrey A. Bertelsen sold significant portions of their shares on August 20, indicating a decrease in insider ownership.
• Rigetti Computing reported a quarterly earnings of ($0.05) per share, slightly beating analyst estimates, while the stock currently has a consensus "Buy" rating with an average price target of $17.43.

K2 Principal Fund L.P. bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 20,000 shares of the company's stock, valued at approximately $158,000.

Several other hedge funds have also recently made changes to their positions in the business. GAMMA Investing LLC boosted its position in Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after acquiring an additional 3,064 shares in the last quarter. Center for Financial Planning Inc. bought a new stake in Rigetti Computing during the 1st quarter valued at approximately $30,000. Quarry LP bought a new stake in Rigetti Computing during the 1st quarter valued at approximately $31,000. Park Square Financial Group LLC bought a new stake in Rigetti Computing during the 1st quarter valued at approximately $40,000. Finally, Banque Transatlantique SA bought a new stake in Rigetti Computing during the 1st quarter valued at approximately $42,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total value of $58,157.96. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ray O. Johnson sold 40,420 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the completion of the transaction, the director owned 419,756 shares in the company, valued at $6,296,340. This trade represents a 8.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,694 shares of company stock worth $1,698,130 over the last quarter. 1.90% of the stock is currently owned by insiders.

Rigetti Computing Price Performance

RGTI stock traded down $0.02 during trading on Friday, hitting $15.10. 33,404,048 shares of the stock traded hands, compared to its average volume of 38,924,204. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The firm's 50 day moving average is $15.02 and its two-hundred day moving average is $11.81. The stock has a market cap of $4.89 billion, a price-to-earnings ratio of -19.87 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its 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 for the quarter, compared to analysts' expectations of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Analysts Set New Price Targets

RGTI has been the topic of a number of recent research reports. Williams Trading set a $20.00 target price on shares of Rigetti Computing in a research report on Wednesday, August 13th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. B. Riley upped their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Needham & Company LLC boosted their price target on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Finally, Cantor Fitzgerald began coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective for the company. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $17.43.

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.