Rigetti Computing, Inc. $RGTI Stock Holdings Increased by Northern Trust Corp

Northern Trust Corp raised its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 29.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,716,562 shares of the company’s stock after acquiring an additional 388,479 shares during the period. Northern Trust Corp owned approximately 0.60% of Rigetti Computing worth $13,595,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RGTI. Hsbc Holdings PLC raised its holdings in Rigetti Computing by 12.4% during the fourth quarter. Hsbc Holdings PLC now owns 20,154 shares of the company’s stock worth $334,000 after purchasing an additional 2,222 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Rigetti Computing by 37.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 62,740 shares of the company’s stock worth $958,000 after purchasing an additional 17,165 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Rigetti Computing during the fourth quarter worth approximately $848,000. Schonfeld Strategic Advisors LLC bought a new stake in Rigetti Computing during the fourth quarter worth approximately $186,000. Finally, BNP Paribas Financial Markets bought a new stake in Rigetti Computing during the fourth quarter worth approximately $316,000. Institutional investors own 35.38% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on RGTI shares. Benchmark raised their target price on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, August 13th. Needham & Company LLC boosted their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a 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. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a report on Wednesday, August 13th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $17.43.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $15.04 on Thursday. The stock’s 50 day moving average price is $14.85 and its 200 day moving average price is $11.75. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The company has a market capitalization of $4.88 billion, a P/E ratio of -19.79 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS 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 firm had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.87 million. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the sale, the chief financial officer directly owned 183,581 shares in the company, valued at approximately $2,724,342.04. The trade was a 2.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael S. Clifton sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the sale, the director owned 853,766 shares of the company’s stock, valued at approximately $12,806,490. This trade represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,694 shares of company stock valued at $1,698,130 in the last quarter.

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.