Rigetti Computing, Inc. $RGTI Shares Bought by Osaic Holdings Inc.

Key Points

• Osaic Holdings increased its stake in Rigetti by 119.2%, acquiring an additional 141,541 shares to hold 260,307 shares (~0.08% ownership) valued at about $3.09 million at quarter-end.
• Rigetti shares traded down ~8.7% (opened $22.38); the company posted a slight EPS beat (−$0.03 vs. −$0.05) but revenue fell 18.1% year-over-year to $1.95 million and the business remains unprofitable with large negative margins.
• Analysts are mixed but lean positive with a consensus "Moderate Buy" and $31.22 price target, while insiders have been selling (a director sold 62,000 shares) and institutional ownership stands at about 35.4%.

Osaic Holdings Inc. lifted its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 119.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 260,307 shares of the company's stock after buying an additional 141,541 shares during the period. Osaic Holdings Inc. owned approximately 0.08% of Rigetti Computing worth $3,087,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. IFP Advisors Inc raised its stake in Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after acquiring an additional 1,300 shares during the last quarter. Quarry LP acquired a new position in shares of Rigetti Computing in the first quarter valued at approximately $31,000. Armstrong Advisory Group Inc. raised its stake in shares of Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after purchasing an additional 2,060 shares during the last quarter. Banque Transatlantique SA acquired a new stake in shares of Rigetti Computing during the first quarter worth $42,000. Finally, Hollencrest Capital Management lifted its holdings in shares of Rigetti Computing by 458.3% during the second quarter. Hollencrest Capital Management now owns 4,020 shares of the company's stock worth $48,000 after purchasing an additional 3,300 shares during the period. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Trading Down 8.7%

Shares of RGTI opened at $22.38 on Friday. Rigetti Computing, Inc. has a twelve month low of $5.95 and a twelve month high of $58.15. The firm has a market capitalization of $7.39 billion, a P/E ratio of -17.22 and a beta of 1.68. The firm's 50-day moving average is $29.66 and its two-hundred day moving average is $23.56.

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 analysts' consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company had revenue of $1.95 million for the quarter, compared to the consensus estimate of $2.17 million. The firm's revenue was down 18.1% on a year-over-year basis. Analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Rigetti Computing in a research note on Monday. Wall Street Zen upgraded shares of Rigetti Computing from a "sell" rating to a "hold" rating in a research note on Saturday, November 15th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Williams Trading set a $40.00 target price on Rigetti Computing in a research report on Tuesday, November 11th. Finally, Wedbush initiated coverage on Rigetti Computing in a research note on Wednesday, December 17th. They set an "outperform" rating and a $35.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.22.

Insider Buying and Selling at Rigetti Computing

In related news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction that occurred 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 in the company, valued at $5,403,454.19. The trade was a 34.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by company insiders.

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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