ProShare Advisors LLC Increases Stock Holdings in Rigetti Computing, Inc. $RGTI

Key Points

• ProShare Advisors LLC increased its stake in Rigetti by 45.3% in Q2, adding 18,519 shares to hold 59,438 shares worth about $705,000.
• Heavy insider selling has occurred recently — insiders sold 454,204 shares totaling roughly $10.3 million in the last 90 days, including a 62,000‑share sale by a director and a 44,355‑share sale by the CTO.
• Stock and outlook: RGTI traded at $24.69 (52‑week range $1.28–$58.15) with a market cap near $8.0B; the company slightly beat EPS estimates for the quarter but saw revenue decline, and analysts hold a consensus "Moderate Buy" with an average target of $25.43.

ProShare Advisors LLC boosted its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 45.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,438 shares of the company's stock after purchasing an additional 18,519 shares during the period. ProShare Advisors LLC's holdings in Rigetti Computing were worth $705,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. IFP Advisors Inc increased its holdings in shares of Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after buying an additional 1,300 shares during the last quarter. Quarry LP acquired a new position in Rigetti Computing in the first quarter valued at approximately $31,000. Armstrong Advisory Group Inc. grew its position in Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after acquiring an additional 2,060 shares during the period. Banque Transatlantique SA acquired a new stake in Rigetti Computing during the first quarter worth $42,000. Finally, US Bancorp DE raised its position in Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after purchasing an additional 1,420 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions 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 completion of the transaction, the director directly owned 120,371 shares of the company's stock, valued at $5,403,454.19. The trade was a 34.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO David Rivas sold 44,355 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the sale, the chief technology officer owned 730,568 shares in the company, valued at approximately $10,848,934.80. This trade represents a 5.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 454,204 shares of company stock valued at $10,300,876 in the last 90 days.

Rigetti Computing Stock Performance

Shares of RGTI stock opened at $24.69 on Tuesday. Rigetti Computing, Inc. has a fifty-two week low of $1.28 and a fifty-two week high of $58.15. The company has a 50 day moving average price of $34.66 and a 200 day moving average price of $20.96. The stock has a market capitalization of $8.00 billion, a P/E ratio of -18.99 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results 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. The company had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The firm's revenue for the quarter was down 18.1% on a year-over-year basis. On average, research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RGTI has been the subject of a number of research analyst reports. Williams Trading set a $40.00 price target on Rigetti Computing in a report on Tuesday, November 11th. B. Riley lowered their target price on shares of Rigetti Computing from $42.00 to $35.00 and set a "neutral" rating for the company in a research note on Wednesday, November 12th. Weiss Ratings reissued a "sell (e+)" rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Benchmark decreased their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a "buy" rating on the stock in a report on Tuesday, November 11th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing currently has a consensus rating of "Moderate Buy" and an average price target of $25.43.

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.

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