Norges Bank Buys Shares of 1,755,700 Rigetti Computing, Inc. $RGTI

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Rigetti Computing, buying 1,755,700 shares worth about $38.9 million, representing roughly 0.53% of the company.
• Other institutional investors also increased or initiated positions, and overall 35.38% of Rigetti’s stock is now held by institutional investors and hedge funds.
• Rigetti’s latest quarter beat expectations, with EPS of -$0.04 versus a -$0.05 estimate and revenue of $4.4 million, while analysts currently rate the stock Moderate Buy with a consensus price target of $29.18.

Norges Bank purchased a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,755,700 shares of the company's stock, valued at approximately $38,889,000. Norges Bank owned 0.53% of Rigetti Computing as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of RGTI. Royal Bank of Canada increased its holdings in shares of Rigetti Computing by 106.2% during the first quarter. Royal Bank of Canada now owns 220,701 shares of the company's stock valued at $1,748,000 after purchasing an additional 113,644 shares during the period. AQR Capital Management LLC increased its holdings in shares of Rigetti Computing by 138.9% during the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company's stock valued at $642,000 after purchasing an additional 47,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Rigetti Computing by 25.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company's stock valued at $890,000 after purchasing an additional 22,770 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Rigetti Computing by 197.8% during the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company's stock valued at $203,000 after purchasing an additional 16,998 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in shares of Rigetti Computing during the first quarter valued at $3,115,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RGTI has been the topic of a number of research analyst reports. Benchmark lowered their price target on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a report on Friday, March 20th. Wall Street Zen raised Rigetti Computing from a "sell" rating to a "hold" rating in a report on Saturday, May 23rd. Rosenblatt Securities reissued a "buy" rating and set a $40.00 price target on shares of Rigetti Computing in a report on Thursday, March 5th. Needham & Company LLC reissued a "buy" rating and set a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Finally, TD Cowen lowered Rigetti Computing from a "buy" rating to a "hold" rating in a report on Thursday, February 12th. Eight 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 data from MarketBeat, Rigetti Computing has a consensus rating of "Moderate Buy" and a consensus price target of $29.18.

Insider Transactions at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of Rigetti Computing stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the transaction, the chief financial officer owned 171,927 shares of the company's stock, valued at approximately $3,945,724.65. This trade represents a 2.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer directly owned 325,945 shares in the company, valued at $8,279,003. This represents a 60.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 521,769 shares of company stock worth $13,198,140 in the last three months. 1.60% of the stock is currently owned by company insiders.

Rigetti Computing Stock Up 5.2%

NASDAQ:RGTI opened at $21.76 on Tuesday. The business's 50-day moving average price is $18.82 and its 200 day moving average price is $20.31. The firm has a market cap of $7.23 billion, a P/E ratio of -25.01 and a beta of 1.88. Rigetti Computing, Inc. has a 52-week low of $10.30 and a 52-week high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.01. The firm had revenue of $4.40 million for the quarter, compared to analysts' expectations of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.Rigetti Computing's revenue was up 198.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) EPS. Sell-side analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Rigetti Computing Company 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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