Quantitative Investment Management LLC Buys Shares of 484,337 Rigetti Computing, Inc. $RGTI

Key Points

• Quantitative Investment Management LLC bought 484,337 shares of Rigetti (NASDAQ:RGTI) in Q3, investing about $14.43 million and making the position its 11th-largest holding (roughly 2.0% of the firm's portfolio and ~0.15% ownership of Rigetti).
• Insider selling and weak fundamentals: CFO Jeffrey Bertelsen sold 4,270 shares and CTO David Rivas sold 36,719 shares at about $17.52 each, trimming insider ownership to 1.90%; Rigetti posted a small EPS beat but declining revenue, very negative margins, and carries a consensus analyst rating of "Moderate Buy" with a $32.70 target.

Quantitative Investment Management LLC purchased a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 484,337 shares of the company's stock, valued at approximately $14,428,000. Rigetti Computing comprises about 2.0% of Quantitative Investment Management LLC's portfolio, making the stock its 11th biggest position. Quantitative Investment Management LLC owned 0.15% of Rigetti Computing at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Parallel Advisors LLC lifted its position in shares of Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company's stock worth $32,000 after purchasing an additional 871 shares in the last quarter. Clearstead Advisors LLC bought a new position in Rigetti Computing in the third quarter valued at $35,000. Fifth Third Bancorp increased its stake in Rigetti Computing by 13,960.0% in the 3rd quarter. Fifth Third Bancorp now owns 1,406 shares of the company's stock valued at $42,000 after buying an additional 1,396 shares during the last quarter. Hantz Financial Services Inc. increased its stake in Rigetti Computing by 194.9% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,513 shares of the company's stock valued at $45,000 after buying an additional 1,000 shares during the last quarter. Finally, Rothschild Investment LLC lifted its position in Rigetti Computing by 26.1% during the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company's stock worth $50,000 after buying an additional 345 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the sale, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO David Rivas sold 36,719 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the sale, the chief technology officer directly owned 651,914 shares of the company's stock, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company's stock.

Rigetti Computing Price Performance

Shares of RGTI stock opened at $16.07 on Friday. The stock has a market cap of $5.30 billion, a P/E ratio of -23.63 and a beta of 1.71. The company has a fifty day moving average price of $19.81 and a two-hundred day moving average price of $25.81. Rigetti Computing, Inc. has a one year low of $6.86 and a one year high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The firm's quarterly revenue was down 17.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RGTI. Mizuho reduced their price objective on shares of Rigetti Computing from $50.00 to $43.00 and set an "outperform" rating for the company in a research note on Thursday, March 5th. Benchmark decreased their price objective on Rigetti Computing from $40.00 to $35.00 and set a "buy" rating for the company in a report on Thursday, March 5th. Jefferies Financial Group assumed coverage on Rigetti Computing in a research report on Tuesday, December 16th. They issued a "hold" rating and a $30.00 target price on the stock. Needham & Company LLC dropped their target price on Rigetti Computing from $51.00 to $31.00 and set a "buy" rating on the stock in a report on Thursday, March 5th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Rigetti Computing in a research report on Monday, December 29th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing has a consensus rating of "Moderate Buy" and a consensus target price of $32.70.

About Rigetti Computing

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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