Oak Harvest Investment Services Has $2.40 Million Stock Holdings in Rigetti Computing, Inc. $RGTI

Key Points

• Oak Harvest Investment Services increased its stake in Rigetti by 436.7% in Q3, buying an additional 65,505 shares to hold 80,505 shares worth about $2.40 million.
• Several large institutions also built positions—Marex opened a stake worth roughly $87.4 million, Ameriprise about $21.9 million, and firms like Geode, State Street and JPMorgan increased holdings—bringing institutional ownership to 35.38%.
• Rigetti director Helene Gail Sandford sold 62,000 shares at an average price of $44.89 for about $2.78 million, reducing her position by 34%.

Oak Harvest Investment Services lifted its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 436.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 80,505 shares of the company's stock after buying an additional 65,505 shares during the quarter. Oak Harvest Investment Services' holdings in Rigetti Computing were worth $2,398,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of RGTI. Marex Group plc acquired a new stake in Rigetti Computing in the 2nd quarter worth about $87,414,000. Ameriprise Financial Inc. bought a new position in shares of Rigetti Computing during the second quarter worth approximately $21,887,000. Geode Capital Management LLC raised its position in shares of Rigetti Computing by 22.9% in the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock valued at $76,910,000 after buying an additional 1,206,925 shares in the last quarter. State Street Corp grew its position in Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company's stock worth $104,997,000 after buying an additional 946,850 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Rigetti Computing by 142.5% during the second quarter. JPMorgan Chase & Co. now owns 1,002,078 shares of the company's stock worth $11,885,000 after buying an additional 588,844 shares in the last quarter. Institutional investors own 35.38% of the company's stock.

Insider Buying and Selling at Rigetti Computing

In related news, Director Helene Gail Sandford sold 62,000 shares of the business's stock in a transaction on Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the sale, the director owned 120,371 shares in the company, valued at $5,403,454.19. The trade was a 34.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Rigetti Computing Trading Down 0.5%

RGTI stock opened at $22.27 on Tuesday. The stock has a market capitalization of $7.35 billion, a P/E ratio of -17.13 and a beta of 1.69. The firm has a 50-day moving average price of $29.24 and a 200-day moving average price of $23.80. Rigetti Computing, Inc. has a 12 month low of $5.95 and a 12 month high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business had revenue of $1.95 million during the quarter, compared to analysts' expectations of $2.17 million. Rigetti Computing's quarterly revenue was down 18.1% on a year-over-year basis. As a group, equities analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on RGTI. Mizuho initiated coverage on Rigetti Computing in a report on Thursday, December 11th. They set an "outperform" rating and a $50.00 target price on the stock. Benchmark reduced their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Tuesday, November 11th. Wall Street Zen upgraded shares of Rigetti Computing from a "sell" rating to a "hold" rating in a research report on Saturday, November 15th. Wedbush assumed coverage on shares of Rigetti Computing in a report on Wednesday, December 17th. They set an "outperform" rating and a $35.00 price target for the company. Finally, Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing has an average rating of "Moderate Buy" and an average target price of $31.22.

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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