Rigetti Computing, Inc. $RGTI Stake Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 5.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,492 shares of the company’s stock after selling 1,241 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Rigetti Computing were worth $255,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. CWM LLC grew its holdings in shares of Rigetti Computing by 11.9% during the 2nd quarter. CWM LLC now owns 19,412 shares of the company’s stock valued at $230,000 after acquiring an additional 2,059 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Rigetti Computing by 20.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 34,026 shares of the company’s stock valued at $404,000 after acquiring an additional 5,700 shares in the last quarter. Sovereign Financial Group Inc. purchased a new position in shares of Rigetti Computing during the 2nd quarter valued at $128,000. Zullo Investment Group Inc. bought a new stake in Rigetti Computing in the second quarter worth $170,000. Finally, IFP Advisors Inc boosted its holdings in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after purchasing an additional 1,300 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Rigetti Computing

In related news, Director Ray O. Johnson sold 126,295 shares of the stock in a transaction dated 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 owned 293,461 shares of the company’s stock, valued at $5,869,220. This represents a 30.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO David Rivas sold 44,355 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total transaction of $658,671.75. Following the completion of the transaction, the chief technology officer directly owned 730,568 shares of the company’s stock, valued at $10,848,934.80. This trade represents a 5.72% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 454,204 shares of company stock valued at $10,300,876. Corporate insiders own 1.90% of the company’s stock.

Rigetti Computing Stock Performance

Shares of RGTI opened at $38.84 on Friday. The company has a 50-day simple moving average of $28.55 and a 200-day simple moving average of $17.95. The firm has a market capitalization of $12.59 billion, a P/E ratio of -51.11 and a beta of 1.60. Rigetti Computing, Inc. has a 52 week low of $1.06 and a 52 week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data 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 business had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. As a group, equities analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

RGTI has been the subject of a number of recent research reports. Benchmark upped their price objective on shares of Rigetti Computing from $20.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC upped their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, August 4th. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a report on Saturday. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.29.

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.