Vanguard Group Inc. Purchases 3,924,171 Shares of Rigetti Computing, Inc. $RGTI

Key Points

• Vanguard Group Inc. increased its stake in Rigetti by 12.2% in Q4, buying 3,924,171 shares to own 35,970,648 shares—about 10.90% of the company valued at roughly $796.75 million per its 13F filing.
• Company insiders sold stock on March 10th: CFO Jeffrey Bertelsen sold 4,270 shares at $17.52 (~$74,810), a 2.37% reduction, and CTO David Rivas sold 36,719 shares at $17.52 (~$643,317), a 5.33% reduction.
• RGTI trades near $17.48 with a $5.81 billion market cap, recent quarterly EPS of -$0.03 (beating estimates) on declining revenue, and a consensus analyst rating of Moderate Buy with an average price target of $30.64.

Vanguard Group Inc. grew its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 12.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 35,970,648 shares of the company's stock after purchasing an additional 3,924,171 shares during the quarter. Vanguard Group Inc. owned approximately 10.90% of Rigetti Computing worth $796,750,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Concurrent Investment Advisors LLC increased its position in shares of Rigetti Computing by 482.2% during the 4th quarter. Concurrent Investment Advisors LLC now owns 70,640 shares of the company's stock valued at $1,565,000 after purchasing an additional 58,507 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of Rigetti Computing by 11.4% during the 4th quarter. Geneos Wealth Management Inc. now owns 8,097 shares of the company's stock valued at $179,000 after purchasing an additional 829 shares during the last quarter. M&T Bank Corp bought a new position in shares of Rigetti Computing during the 4th quarter valued at about $10,193,000. Universal Beteiligungs und Servicegesellschaft mbH increased its position in shares of Rigetti Computing by 453.9% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 130,653 shares of the company's stock valued at $2,914,000 after purchasing an additional 107,065 shares during the last quarter. Finally, Ticino Wealth bought a new position in shares of Rigetti Computing during the 4th quarter valued at about $1,268,000. 35.38% of the stock is currently owned by institutional investors.

Insider Activity

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the sale, the chief financial officer owned 175,609 shares in the company, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO David Rivas sold 36,719 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the sale, the chief technology officer owned 651,914 shares of the company's stock, valued at approximately $11,421,533.28. This trade represents a 5.33% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company's stock.

Rigetti Computing Price Performance

Shares of RGTI stock opened at $17.48 on Friday. The stock has a market capitalization of $5.81 billion, a PE ratio of -25.71 and a beta of 1.79. Rigetti Computing, Inc. has a 1-year low of $9.14 and a 1-year high of $58.15. The business has a 50-day moving average of $16.25 and a 200 day moving average of $23.25.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.87 million during the quarter, compared to analysts' expectations of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm's quarterly revenue was down 17.9% compared to the same quarter last year. Analysts anticipate that Rigetti Computing, Inc. will post -0.16 EPS for the current year.

Analyst Ratings Changes

RGTI has been the topic of several recent research reports. Rosenblatt Securities reiterated a "buy" rating and set a $40.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 5th. Wedbush increased their price objective on Rigetti Computing from $35.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, January 21st. TD Cowen cut Rigetti Computing from a "buy" rating to a "hold" rating in a report on Thursday, February 12th. B. Riley Financial upgraded Rigetti Computing from a "neutral" rating to a "buy" rating and set a $35.00 target price for the company in a report on Thursday, January 22nd. Finally, Mizuho dropped their target price on Rigetti Computing from $50.00 to $43.00 and set an "outperform" rating for the company in a report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing currently has a consensus rating of "Moderate Buy" and an average price target of $30.64.

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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