Penserra Capital Management LLC Has $72.86 Million Stock Position in Rigetti Computing, Inc. $RGTI

Key Points

• Penserra Capital increased its stake in Rigetti by 43.8% in Q3 to 2,445,818 shares worth about $72.86 million, representing roughly 0.75% of Rigetti and 0.9% of Penserra’s portfolio (its 20th largest holding).
• Rigetti reported Q results of -$0.03 EPS (beating estimates) and $1.95M revenue (down 18.1% YoY and below expectations); the stock trades near $18.21 with a market cap of $6.01B and an average analyst target of $32.60 (consensus: Moderate Buy).

Penserra Capital Management LLC boosted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 43.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,445,818 shares of the company's stock after acquiring an additional 744,577 shares during the period. Rigetti Computing accounts for 0.9% of Penserra Capital Management LLC's investment portfolio, making the stock its 20th largest holding. Penserra Capital Management LLC owned about 0.75% of Rigetti Computing worth $72,860,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Osaic Holdings Inc. raised its stake in shares of Rigetti Computing by 119.2% in the second quarter. Osaic Holdings Inc. now owns 260,307 shares of the company's stock worth $3,087,000 after purchasing an additional 141,541 shares during the last quarter. Atria Wealth Solutions Inc. bought a new stake in Rigetti Computing during the second quarter worth $392,000. Cavalier Investments LLC bought a new stake in Rigetti Computing during the second quarter worth $589,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Rigetti Computing in the 2nd quarter valued at $217,000. Finally, Teacher Retirement System of Texas raised its position in Rigetti Computing by 24.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 43,260 shares of the company's stock valued at $513,000 after buying an additional 8,419 shares during the last quarter. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Trading Up 2.8%

Shares of RGTI stock opened at $18.21 on Wednesday. The stock has a market capitalization of $6.01 billion, a P/E ratio of -14.01 and a beta of 1.69. The firm's 50 day moving average is $24.21 and its 200 day moving average is $25.74. Rigetti Computing, Inc. has a 12 month low of $6.86 and a 12 month high of $58.15.

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

Analysts Set New Price Targets

RGTI has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Rigetti Computing from a "sell" rating to a "hold" rating in a research note on Saturday, November 15th. Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Wednesday, January 21st. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Jefferies Financial Group initiated coverage on Rigetti Computing in a research report on Tuesday, December 16th. They set a "hold" rating and a $30.00 target price for the company. Finally, Royal Bank Of Canada cut Rigetti Computing to a "hold" rating in a research note on Thursday, January 22nd. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $32.60.

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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