Franklin Resources Inc. Buys New Holdings in Rigetti Computing, Inc. $RGTI

Franklin Resources Inc. purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 94,343 shares of the company’s stock, valued at approximately $1,119,000.

Other institutional investors have also added to or reduced their stakes in the company. IFP Advisors Inc lifted its holdings in shares of 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 buying an additional 1,300 shares in the last quarter. Quarry LP bought a new stake in Rigetti Computing in the 1st quarter valued at $31,000. Armstrong Advisory Group Inc. lifted its stake in Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after purchasing an additional 2,060 shares in the last quarter. Banque Transatlantique SA bought a new position in shares of Rigetti Computing during the 1st quarter valued at about $42,000. Finally, US Bancorp DE grew its position in shares of Rigetti Computing by 29.4% during the first quarter. US Bancorp DE now owns 6,248 shares of the company’s stock valued at $49,000 after purchasing an additional 1,420 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 75,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction, 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 405,930 shares of company stock worth $9,584,046 over the last 90 days. Insiders own 1.90% of the company’s stock.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock opened at $28.11 on Friday. The stock has a market cap of $9.28 billion, a price-to-earnings ratio of -21.62 and a beta of 1.68. The stock has a 50 day moving average price of $35.08 and a 200-day moving average price of $22.26. Rigetti Computing, Inc. has a one year low of $3.31 and a one year high of $58.15.

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

Analysts Set New Price Targets

A number of research firms recently commented on RGTI. Williams Trading set a $40.00 target price on Rigetti Computing in a research report on Tuesday, November 11th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Benchmark reduced their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and an average target price of $25.43.

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.