Rigetti Computing, Inc. $RGTI Shares Bought by Rhumbline Advisers

Key Points

• Rhumbline Advisers increased its stake in Rigetti Computing by 17.0%, acquiring an additional 39,743 shares to own a total of 273,818 shares, valued at approximately $2,169,000.
• Rigetti Computing reported a quarterly earnings per share (EPS) of ($0.05), surpassing the consensus estimate of ($0.06), despite having a negative return on equity of 29.05% and a significant net margin loss.
• Several institutional investors significantly increased their holdings in Rigetti Computing, with GAMMA Investing LLC growing its stakes by an extraordinary 1,813.0% during the first quarter.

Rhumbline Advisers lifted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 17.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 273,818 shares of the company's stock after purchasing an additional 39,743 shares during the quarter. Rhumbline Advisers owned about 0.09% of Rigetti Computing worth $2,169,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after acquiring an additional 2,430,758 shares during the last quarter. UNICOM Systems Inc. lifted its stake in shares of Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after acquiring an additional 3,521,935 shares during the last quarter. Penserra Capital Management LLC lifted its stake in shares of Rigetti Computing by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock worth $17,548,000 after acquiring an additional 644,455 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Rigetti Computing by 40.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company's stock worth $14,798,000 after acquiring an additional 538,792 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Rigetti Computing by 29.3% during the 1st quarter. Northern Trust Corp now owns 1,716,562 shares of the company's stock worth $13,595,000 after acquiring an additional 388,479 shares during the last quarter. 35.38% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RGTI. Cantor Fitzgerald began coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Benchmark lifted their target price on Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research report on Wednesday, July 16th. Needham & Company LLC lifted their target price on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Finally, Williams Trading set a $20.00 target price on Rigetti Computing in a research report on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $17.43.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 126,295 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the transaction, the director owned 293,461 shares of the company's stock, valued at $5,869,220. This represents a 30.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of the company's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the sale, the director owned 653,766 shares of the company's stock, valued at $12,421,554. This trade represents a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 439,989 shares of company stock valued at $8,062,530.

Rigetti Computing Stock Performance

RGTI stock traded up $3.78 on Friday, hitting $28.52. 127,541,340 shares of the company's stock were exchanged, compared to its average volume of 51,934,328. The firm has a 50 day moving average price of $16.41 and a two-hundred day moving average price of $12.58. The stock has a market cap of $9.25 billion, a P/E ratio of -37.53 and a beta of 1.44. Rigetti Computing, Inc. has a 12-month low of $0.71 and a 12-month high of $29.09.

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

Rigetti Computing Company Profile

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.