Rigetti Computing, Inc. $RGTI Shares Bought by Northern Trust Corp

Key Points

• Northern Trust Corp has increased its holdings in Rigetti Computing by 29.3%, owning over 1.7 million shares valued at approximately $13.6 million as of the latest SEC filing.
• Several institutional investors, including Hsbc Holdings and Price T Rowe Associates, have also raised their positions in Rigetti Computing, contributing to a total institutional ownership of 35.38% in the company.
• A consensus rating of "Buy" has been established for Rigetti Computing with an average price target of $17.43, following recent analyst upgrades that increased their target prices significantly.

Northern Trust Corp increased its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 29.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,716,562 shares of the company's stock after purchasing an additional 388,479 shares during the quarter. Northern Trust Corp owned 0.60% of Rigetti Computing worth $13,595,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Orion Capital Management LLC purchased a new position in Rigetti Computing during the fourth quarter worth $46,000. GAMMA Investing LLC grew its position in shares of Rigetti Computing by 1,813.0% in 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 period. Center for Financial Planning Inc. purchased a new stake in shares of Rigetti Computing in the first quarter valued at $30,000. Park Square Financial Group LLC purchased a new stake in shares of Rigetti Computing in the first quarter valued at $40,000. Finally, US Bancorp DE grew its position in shares of Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after purchasing an additional 1,420 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Trading Down 0.1%

NASDAQ RGTI traded down $0.02 on Friday, hitting $15.10. 33,404,048 shares of the stock traded hands, compared to its average volume of 68,259,734. The stock has a 50-day moving average of $14.93 and a 200 day moving average of $11.77. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42. The company has a market capitalization of $4.89 billion, a P/E ratio of -19.87 and a beta of 1.44.

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

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of research reports. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research report on Wednesday, July 16th. Cantor Fitzgerald initiated coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Needham & Company LLC boosted their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, B. Riley lifted their price objective on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Six investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $17.43.

Insiders Place Their Bets

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total transaction of $58,157.96. Following the completion of the transaction, the chief financial officer directly owned 183,581 shares of the company's stock, valued at approximately $2,724,342.04. This trade represents a 2.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO David Rivas sold 44,355 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total value of $658,671.75. Following the transaction, the chief technology officer directly owned 730,568 shares of the company's stock, valued at approximately $10,848,934.80. The trade was a 5.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,694 shares of company stock valued at $1,698,130. 1.90% of the stock is owned by corporate insiders.

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.