Rigetti Computing, Inc. $RGTI Stake Boosted by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its stake in Rigetti Computing by 30.4% during the second quarter, owning 60,100 shares now valued at approximately $713,000.
• Rigetti Computing reported a negative EPS of ($0.05) for the quarter, slightly beating the analysts' estimates, but had a disappointing revenue of $1.80 million compared to a projected $1.87 million.
• The stock currently has an average rating of "Moderate Buy" from analysts, with a consensus target price of $28.29 following several rating upgrades.

KLP Kapitalforvaltning AS grew its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 30.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,100 shares of the company's stock after purchasing an additional 14,000 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Rigetti Computing were worth $713,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after purchasing an additional 3,064 shares during the last quarter. Center for Financial Planning Inc. bought a new position in shares of Rigetti Computing during the first quarter valued at approximately $30,000. Quarry LP bought a new position in shares of Rigetti Computing during the first quarter valued at approximately $31,000. Armstrong Advisory Group Inc. grew its holdings 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 valued at $35,000 after purchasing an additional 2,060 shares during the last quarter. Finally, Park Square Financial Group LLC bought a new position in shares of Rigetti Computing during the first quarter valued at approximately $40,000. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Trading Down 14.9%

RGTI stock opened at $47.97 on Friday. Rigetti Computing, Inc. has a 52 week low of $0.91 and a 52 week high of $58.15. The company has a market capitalization of $15.55 billion, a price-to-earnings ratio of -63.12 and a beta of 1.60. The firm's 50-day moving average is $25.66 and its two-hundred day moving average is $16.53.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The company had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.87 million. On average, equities research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total value of $58,157.96. Following the sale, the chief financial officer directly owned 183,581 shares in the company, valued at $2,724,342.04. The trade was a 2.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Helene Gail Sandford sold 17,635 shares of the business's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $24.75, for a total transaction of $436,466.25. Following the completion of the sale, the director owned 182,371 shares in the company, valued at $4,513,682.25. The trade was a 8.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 392,204 shares of company stock worth $7,517,696 in the last three months. Insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

RGTI has been the subject of a number of analyst reports. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Weiss Ratings reissued a "sell (e+)" rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Needham & Company LLC boosted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, B. Riley boosted their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $28.29.

Rigetti Computing 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.

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