Orion Investment Co Buys New Shares in Rigetti Computing, Inc. $RGTI

Key Points

• Orion Investment Co has acquired 93,320 shares of Rigetti Computing, Inc. (NASDAQ:RGTI), valued at approximately $739,000, during the first quarter.
• Multiple institutional investors, including Envestnet Asset Management and MetLife Investment Management, have recently adjusted their stakes in Rigetti, contributing to a total of 35.38% of the stock owned by hedge funds and institutional investors.
• Rigetti's stock has seen optimism from analysts, with increased price targets set by firms such as Benchmark and Needham, indicating a consensus buy rating and an average price target of $17.43.

Orion Investment Co acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 93,320 shares of the company's stock, valued at approximately $739,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. California State Teachers Retirement System grew its holdings in Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after acquiring an additional 1,301 shares during the period. US Bancorp DE boosted its stake in shares of Rigetti Computing by 29.4% during the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after acquiring an additional 1,420 shares during the last quarter. Amalgamated Bank boosted its stake in shares of Rigetti Computing by 33.1% during the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after acquiring an additional 1,622 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after acquiring an additional 1,817 shares during the last quarter. Finally, Strategic Advocates LLC boosted its stake in Rigetti Computing by 10.9% in the 1st quarter. Strategic Advocates LLC now owns 19,379 shares of the company's stock worth $153,000 after buying an additional 1,911 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Trading Down 2.1%

NASDAQ RGTI traded down $0.35 during trading on Friday, reaching $16.23. 42,398,450 shares of the company's stock were exchanged, compared to its average volume of 39,726,280. Rigetti Computing, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The company's fifty day simple moving average is $14.59 and its 200-day simple moving average is $11.67. The firm has a market capitalization of $5.26 billion, a PE ratio of -21.36 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. Equities analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Analyst Ratings Changes

RGTI has been the topic of a number of research analyst reports. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research note on Wednesday, July 16th. 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. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Williams Trading set a $20.00 price objective on Rigetti Computing in a report on Wednesday, August 13th. Finally, Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective for the company. Six analysts have rated the stock with a Buy rating, According to MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and a consensus target price of $17.43.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the sale, the director owned 853,766 shares in the company, valued at approximately $12,806,490. This trade represents a 2.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the firm's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the sale, the director directly owned 419,756 shares of the company's stock, valued at $6,296,340. This represents a 8.78% decrease in their ownership of the stock. 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 90 days. Insiders own 1.90% of the company's stock.

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.