Kessler Investment Group LLC Invests $1.17 Million in Rigetti Computing, Inc. $RGTI

Key Points

• Kessler Investment Group disclosed a new fourth-quarter stake in Rigetti Computing, buying 52,987 shares worth about $1.17 million.
• Several other institutional investors also adjusted their positions in RGTI, with Vanguard, UBS, and State Street among the notable holders; institutions now own 35.38% of the company.
• Rigetti’s executives also sold shares in March, including CFO Jeffrey A. Bertelsen and CTO David Rivas, while the stock was reported up 3.3% and last traded at $18.94.

Kessler Investment Group LLC acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 52,987 shares of the company's stock, valued at approximately $1,174,000.

A number of other institutional investors have also recently made changes to their positions in RGTI. Vanguard Group Inc. increased its position in Rigetti Computing by 40.4% during the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company's stock valued at $954,665,000 after buying an additional 9,228,888 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in Rigetti Computing in the second quarter worth about $21,887,000. Clear Street Group Inc. acquired a new stake in Rigetti Computing in the third quarter worth about $47,752,000. UBS Group AG grew its stake in shares of Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company's stock worth $91,788,000 after acquiring an additional 1,467,483 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company's stock valued at $104,997,000 after acquiring an additional 946,850 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Insiders Place Their Bets

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the sale, the chief financial officer directly owned 175,609 shares of the company's stock, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO David Rivas sold 36,719 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the sale, the chief technology officer directly owned 651,914 shares in the company, valued at $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by corporate insiders.

Rigetti Computing Stock Up 3.3%

Rigetti Computing stock opened at $18.94 on Friday. The stock has a 50-day moving average price of $16.41 and a 200 day moving average price of $22.36. The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of -27.85 and a beta of 1.79. Rigetti Computing, Inc. has a 52 week low of $9.85 and a 52 week high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The company had revenue of $1.87 million for the quarter, compared to the consensus estimate of $2.33 million. The company's revenue for the quarter was down 17.9% on a year-over-year basis. Research analysts anticipate that Rigetti Computing, Inc. will post -0.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on RGTI shares. Royal Bank Of Canada lowered shares of Rigetti Computing to a "hold" rating in a research report on Thursday, January 22nd. Mizuho dropped their target price on shares of Rigetti Computing from $50.00 to $43.00 and set an "outperform" rating on the stock in a research report on Thursday, March 5th. Needham & Company LLC cut their price target on shares of Rigetti Computing from $51.00 to $31.00 and set a "buy" rating on the stock in a research note on Thursday, March 5th. TD Cowen downgraded shares of Rigetti Computing from a "buy" rating to a "hold" rating in a research note on Thursday, February 12th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Rigetti Computing currently has an average rating of "Moderate Buy" and a consensus target price of $30.64.

Rigetti Computing Profile

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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