Rigetti Computing, Inc. $RGTI Shares Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon increased its stake in Rigetti by 59% to 885,877 shares (about $10.5 million), with institutional investors owning roughly 35.38% of the company.
• Wall Street consensus is a Moderate Buy (five Buys, one Hold, one Sell) with an average price target of $25.43.
• Rigetti reported a slight EPS beat (‑$0.03 vs. ‑$0.05) while revenue fell 18.1% year-over-year; the company has an $8.25 billion market cap and insiders sold roughly 405,930 shares (~$9.6M) in the past three months.

Bank of New York Mellon Corp grew its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 59.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 885,877 shares of the company's stock after purchasing an additional 328,783 shares during the period. Bank of New York Mellon Corp owned approximately 0.31% of Rigetti Computing worth $10,506,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. IFP Advisors Inc boosted its holdings in Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after buying an additional 1,300 shares in the last quarter. Armstrong Advisory Group Inc. lifted its position in shares of Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after acquiring an additional 2,060 shares during the last quarter. Quarry LP bought a new stake in shares of Rigetti Computing during the 1st quarter worth $31,000. Center for Financial Planning Inc. grew its holdings in shares of Rigetti Computing by 35.5% in the 2nd quarter. Center for Financial Planning Inc. now owns 5,137 shares of the company's stock worth $61,000 after acquiring an additional 1,345 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Rigetti Computing by 193.5% during the second quarter. Nisa Investment Advisors LLC now owns 5,347 shares of the company's stock worth $63,000 after purchasing an additional 3,525 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RGTI. Benchmark decreased their price target on Rigetti Computing from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Tuesday, November 11th. Wall Street Zen raised shares of Rigetti Computing from a "sell" rating to a "hold" rating in a research note on Saturday, November 15th. Needham & Company LLC lifted their target price on shares of 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 Tuesday, November 11th. Finally, B. Riley decreased their price objective 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. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $25.43.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $25.46 on Thursday. The company has a market capitalization of $8.25 billion, a P/E ratio of -19.58 and a beta of 1.64. The stock's 50 day moving average price is $35.03 and its 200 day moving average price is $21.10. Rigetti Computing, Inc. has a 52 week low of $1.32 and a 52 week 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) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.95 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 18.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the stock in a transaction on Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares of the company's stock, valued at $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of the business's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the completion of the sale, the director directly owned 14,902 shares of the company's stock, valued at $290,589. This represents a 87.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 405,930 shares of company stock valued at $9,584,046. Company 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.

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