Wellington Management Group LLP Grows Position in Rigetti Computing, Inc. $RGTI

Key Points

• Wellington Management Group LLP increased its stake in Rigetti Computing, Inc. by 18.2%, owning approximately 222,758 shares valued at $1.76 million as of the latest SEC filing.
• Institutional investors currently own 35.38% of Rigetti Computing's stock, with several hedge funds significantly increasing their positions in the first quarter of this year.
• Despite reporting a quarterly EPS of ($0.05), which exceeded expectations, Rigetti's stock has seen fluctuations, with a current price of $16.23, reflecting a 52-week range from $0.66 to $21.42.

Wellington Management Group LLP lifted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 18.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 222,758 shares of the company's stock after purchasing an additional 34,312 shares during the period. Wellington Management Group LLP owned 0.08% of Rigetti Computing worth $1,764,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. California State Teachers Retirement System raised its holdings in Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after buying an additional 1,301 shares during the last quarter. US Bancorp DE grew its position in Rigetti Computing by 29.4% during the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after buying an additional 1,420 shares during the period. Amalgamated Bank grew its position in Rigetti Computing by 33.1% during the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after buying an additional 1,622 shares during the period. Strategic Advocates LLC grew its position in Rigetti Computing by 10.9% during the first quarter. Strategic Advocates LLC now owns 19,379 shares of the company's stock valued at $153,000 after buying an additional 1,911 shares during the period. Finally, Hsbc Holdings PLC grew its position in Rigetti Computing by 12.4% during the fourth quarter. Hsbc Holdings PLC now owns 20,154 shares of the company's stock valued at $334,000 after buying an additional 2,222 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 25,000 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the director directly owned 853,766 shares in the company, valued at approximately $12,806,490. This represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the company's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the completion of the transaction, the director owned 419,756 shares in the company, valued at approximately $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,694 shares of company stock valued at $1,698,130.

Analyst Ratings Changes

RGTI has been the subject of several recent research reports. 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 report on Monday, August 4th. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a report on Wednesday, July 16th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. B. Riley lifted their price target on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Williams Trading set a $20.00 target price on shares of Rigetti Computing in a report on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $17.43.

Rigetti Computing Stock Down 5.9%

Rigetti Computing stock traded down $0.96 during mid-day trading on Tuesday, reaching $15.27. 53,381,432 shares of the company's stock traded hands, compared to its average volume of 68,877,641. The company has a market cap of $4.95 billion, a price-to-earnings ratio of -20.13 and a beta of 1.44. The stock has a 50 day moving average of $14.69 and a two-hundred day moving average of $11.70. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted 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. The firm had revenue of $1.80 million for the quarter, compared to analysts' expectations of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

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.