Westfield Capital Management Co. LP Invests $20.73 Million in Rigetti Computing, Inc. $RGTI

Key Points

• Westfield Capital Management disclosed a new fourth-quarter position in Rigetti Computing, buying 935,778 shares worth about $20.73 million. The stake represented roughly 0.28% of the company.
• Several other institutional investors also adjusted their holdings, and institutions now own about 35.38% of Rigetti’s stock. The article highlights a mix of small new positions and large percentage increases by some funds.
• Insiders have been selling shares recently, including CFO Jeffrey A. Bertelsen and CTO David Rivas, with total insider sales of 562,758 shares valued at about $13.9 million over the last quarter.

Westfield Capital Management Co. LP acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 935,778 shares of the company's stock, valued at approximately $20,727,000. Westfield Capital Management Co. LP owned approximately 0.28% of Rigetti Computing at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Danske Bank A S bought a new position in shares of Rigetti Computing during the 3rd quarter worth approximately $30,000. Parallel Advisors LLC lifted its position in shares of Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company's stock worth $32,000 after buying an additional 871 shares during the period. Clearstead Advisors LLC bought a new position in shares of Rigetti Computing during the 3rd quarter worth approximately $35,000. Larson Financial Group LLC lifted its position in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock worth $27,000 after buying an additional 707 shares during the period. Finally, Ancora Advisors LLC bought a new position in shares of Rigetti Computing during the 3rd quarter worth approximately $38,000. Institutional investors and hedge funds own 35.38% of the company's stock.

Insiders Place Their Bets

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the sale, the chief financial officer directly owned 171,927 shares in the company, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the company's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the sale, the chief technology officer owned 325,945 shares of the company's stock, valued at approximately $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 562,758 shares of company stock valued at $13,916,267. Corporate insiders own 1.60% of the company's stock.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI opened at $20.68 on Friday. The stock has a 50 day moving average price of $18.68 and a 200 day moving average price of $20.37. Rigetti Computing, Inc. has a 52 week low of $10.30 and a 52 week high of $58.15. The stock has a market capitalization of $6.87 billion, a PE ratio of -23.77 and a beta of 1.88.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wall Street Zen upgraded Rigetti Computing from a "sell" rating to a "hold" rating in a research report on Saturday, May 23rd. Benchmark cut their target price on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, March 20th. Northland Securities initiated coverage on Rigetti Computing in a research report on Monday, April 20th. They set a "market perform" rating and a $20.00 target price for the company. TD Cowen lowered Rigetti Computing from a "buy" rating to a "hold" rating in a research note on Thursday, February 12th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Rigetti Computing presently has an average rating of "Moderate Buy" and an average price target of $29.18.

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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