Rhumbline Advisers Buys 39,743 Shares of Rigetti Computing, Inc. $RGTI

Rhumbline Advisers grew its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 17.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 273,818 shares of the company’s stock after acquiring an additional 39,743 shares during the quarter. Rhumbline Advisers owned 0.09% of Rigetti Computing worth $2,169,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of RGTI. GAMMA Investing LLC grew its holdings in shares of Rigetti Computing by 1,813.0% in the first 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 period. Center for Financial Planning Inc. bought a new stake in Rigetti Computing during the first quarter valued at about $30,000. Quarry LP bought a new stake in Rigetti Computing during the first quarter valued at about $31,000. Park Square Financial Group LLC bought a new stake in Rigetti Computing during the first quarter valued at about $40,000. Finally, Banque Transatlantique SA bought a new stake in Rigetti Computing during the first quarter valued at about $42,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI opened at $21.99 on Thursday. The business’s 50 day moving average price is $15.84 and its 200-day moving average price is $12.26. Rigetti Computing, Inc. has a fifty-two week low of $0.71 and a fifty-two week high of $22.13. The company has a market cap of $7.13 billion, a price-to-earnings ratio of -28.93 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $1.80 million for the quarter, compared to analysts’ expectations of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. Sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In other news, Director Ray O. Johnson sold 126,295 shares of the firm’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the sale, the director owned 293,461 shares of the company’s stock, valued at $5,869,220. This trade represents a 30.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of the firm’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the transaction, the director owned 653,766 shares of the company’s stock, valued at $12,421,554. This trade represents a 10.29% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 439,989 shares of company stock worth $8,062,530. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

RGTI has been the subject of several recent research reports. Needham & Company LLC boosted their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a report on Monday, August 4th. Cantor Fitzgerald started coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 price objective for the company. Benchmark upped their price objective on Rigetti Computing from $14.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, August 13th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Williams Trading set a $20.00 price objective on Rigetti Computing in a research note on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $17.43.

Rigetti Computing 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.