American Assets Investment Management LLC Has $70.51 Million Stake in Rigetti Computing, Inc. $RGTI

American Assets Investment Management LLC decreased its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI) by 36.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,366,749 shares of the company’s stock after selling 1,379,400 shares during the period. Rigetti Computing makes up about 5.2% of American Assets Investment Management LLC’s portfolio, making the stock its 2nd biggest position. American Assets Investment Management LLC owned about 0.73% of Rigetti Computing worth $70,505,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Hantz Financial Services Inc. boosted its stake in shares of Rigetti Computing by 194.9% during the third quarter. Hantz Financial Services Inc. now owns 1,513 shares of the company’s stock valued at $45,000 after purchasing an additional 1,000 shares in the last quarter. Guerra Advisors Inc acquired a new stake in Rigetti Computing during the 3rd quarter worth approximately $52,000. Spire Wealth Management grew its holdings in Rigetti Computing by 2,400.0% during the 3rd quarter. Spire Wealth Management now owns 1,875 shares of the company’s stock worth $56,000 after acquiring an additional 1,800 shares during the last quarter. Fourth Dimension Wealth LLC increased its position in Rigetti Computing by 50.8% in the 3rd quarter. Fourth Dimension Wealth LLC now owns 1,900 shares of the company’s stock valued at $57,000 after acquiring an additional 640 shares during the period. Finally, IFP Advisors Inc raised its stake in shares of Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after acquiring an additional 1,300 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Jefferies Financial Group began coverage on Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price on the stock. Mizuho initiated coverage on Rigetti Computing in a research note on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price target for the company. Wedbush raised their price objective on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Wednesday, January 21st. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Trading Up 18.2%

NASDAQ RGTI opened at $17.71 on Friday. The business has a fifty day simple moving average of $23.67 and a 200 day simple moving average of $25.69. Rigetti Computing, Inc. has a 12 month low of $6.86 and a 12 month high of $58.15. The firm has a market capitalization of $5.84 billion, a P/E ratio of -13.62 and a beta of 1.69.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data 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. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. The firm’s revenue was down 18.1% compared to the same quarter last year. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

About Rigetti Computing

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.