Rigetti Computing, Inc. $RGTI Shares Purchased by Corebridge Financial Inc.

Corebridge Financial Inc. lifted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 18.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 92,604 shares of the company’s stock after acquiring an additional 14,236 shares during the quarter. Corebridge Financial Inc.’s holdings in Rigetti Computing were worth $733,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock worth $26,000 after acquiring an additional 3,064 shares during the last quarter. Center for Financial Planning Inc. purchased a new stake in Rigetti Computing during the 1st quarter worth approximately $30,000. Park Square Financial Group LLC purchased a new stake in Rigetti Computing during the 1st quarter worth approximately $40,000. Orion Capital Management LLC purchased a new stake in Rigetti Computing during the 4th quarter worth approximately $46,000. Finally, US Bancorp DE increased its stake in 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 period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Rigetti Computing

In related news, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $606,300.00. Following the sale, the director directly owned 419,756 shares in the company, valued at $6,296,340. This trade represents a 8.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the sale, the director owned 853,766 shares in the company, valued at $12,806,490. This represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,694 shares of company stock valued at $1,698,130 over the last quarter. 1.90% of the stock is owned by insiders.

Rigetti Computing Trading Down 0.1%

Shares of NASDAQ:RGTI opened at $15.10 on Friday. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The company’s 50 day moving average is $15.02 and its two-hundred day moving average is $11.81. The company has a market cap of $4.89 billion, a PE ratio of -19.87 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The firm had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.87 million. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 target price on the stock. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research note on Wednesday, July 16th. Needham & Company LLC upped their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, August 4th. Williams Trading set a $20.00 target price on shares of Rigetti Computing in a research note on Wednesday, August 13th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $17.43.

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.