Intech Investment Management LLC Boosts Stock Position in Rigetti Computing, Inc. $RGTI

Intech Investment Management LLC grew its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 102.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 159,006 shares of the company’s stock after buying an additional 80,398 shares during the period. Intech Investment Management LLC owned 0.05% of Rigetti Computing worth $1,886,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. IFP Advisors Inc raised its position in shares of Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after acquiring an additional 1,300 shares in the last quarter. Quarry LP purchased a new position in Rigetti Computing in the first quarter valued at approximately $31,000. Armstrong Advisory Group Inc. increased its stake in Rigetti Computing by 225.4% in 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. Banque Transatlantique SA acquired a new stake in Rigetti Computing during the first quarter worth approximately $42,000. Finally, US Bancorp DE lifted its position in shares of Rigetti Computing by 29.4% during the 1st quarter. US Bancorp DE now owns 6,248 shares of the company’s stock worth $49,000 after buying an additional 1,420 shares during the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of recent analyst reports. Needham & Company LLC increased 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. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a research note on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Finally, B. Riley decreased their target price on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $25.43.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock opened at $23.59 on Friday. The company has a market capitalization of $7.65 billion, a P/E ratio of -18.15 and a beta of 1.64. Rigetti Computing, Inc. has a 1 year low of $1.54 and a 1 year high of $58.15. The company’s fifty day moving average is $35.25 and its two-hundred day moving average is $21.20.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. The company’s revenue for the quarter was down 18.1% compared to the same quarter last year. As a group, equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares in the company, valued at approximately $5,403,454.19. This trade represents a 34.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ray O. Johnson sold 126,295 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the transaction, the director directly owned 293,461 shares in the company, valued at approximately $5,869,220. The trade was a 30.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 405,930 shares of company stock valued at $9,584,046 over the last 90 days. Insiders own 1.90% of the company’s stock.

Rigetti Computing Company 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.