Rigetti Computing, Inc. $RGTI Shares Purchased by Clear Street Group Inc.

Key Points

• Clear Street Group boosted its Rigetti Computing stake by 71.1% in Q4, buying more than 1.14 million shares and bringing its total holdings to 2.74 million shares worth about $60.8 million.
• Several other institutional investors also increased positions, and institutional ownership now stands at 35.38% of Rigetti’s stock.
• Analyst sentiment is mixed but generally positive: Rigetti has a consensus rating of “Moderate Buy” with an average price target of $29.18, while insiders have recently sold shares, including large disposals by the CTO and a director.

Clear Street Group Inc. raised its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 71.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,743,150 shares of the company's stock after buying an additional 1,140,183 shares during the period. Rigetti Computing makes up about 0.2% of Clear Street Group Inc.'s investment portfolio, making the stock its 26th largest holding. Clear Street Group Inc. owned approximately 0.83% of Rigetti Computing worth $60,761,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Intech Investment Management LLC lifted its stake in Rigetti Computing by 66.3% during the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company's stock valued at $2,664,000 after buying an additional 47,935 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Rigetti Computing by 384.2% in the third quarter. Van ECK Associates Corp now owns 548,217 shares of the company's stock worth $16,331,000 after acquiring an additional 434,995 shares in the last quarter. Elevatus Welath Management acquired a new stake in shares of Rigetti Computing during the third quarter valued at approximately $4,284,000. Orion Porfolio Solutions LLC acquired a new stake in shares of Rigetti Computing during the third quarter valued at approximately $2,841,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at approximately $4,937,000. Institutional investors and hedge funds own 35.38% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Northland Securities initiated coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They issued a "market perform" rating and a $20.00 price objective for the company. Mizuho reduced their target price on Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating for the company in a report on Tuesday, May 12th. Needham & Company LLC reaffirmed a "buy" rating and issued a $31.00 target price on shares of Rigetti Computing in a research report on Tuesday, May 12th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Finally, Benchmark dropped their price target on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, March 20th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $29.18.

Insider Transactions at Rigetti Computing

In related news, CTO David Rivas sold 499,328 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the sale, the chief technology officer directly owned 325,945 shares in the company, valued at approximately $8,279,003. This trade represents a 60.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 122,188 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the transaction, the director owned 171,273 shares in the company, valued at $3,648,114.90. This trade represents a 41.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 643,957 shares of company stock valued at $15,800,744. 1.60% of the stock is owned by insiders.

Rigetti Computing Stock Performance

Shares of RGTI opened at $20.98 on Friday. The company has a market capitalization of $6.97 billion, a PE ratio of -24.11 and a beta of 1.88. The company's 50 day moving average price is $19.36 and its 200 day moving average price is $20.23. Rigetti Computing, Inc. has a 52 week low of $10.30 and a 52 week high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.01. The company had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The company's revenue was up 198.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.05) EPS. On average, equities analysts forecast that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Rigetti Computing Company Profile

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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