Exchange Traded Concepts LLC Has $1.09 Million Stock Position in Rigetti Computing, Inc. $RGTI

Exchange Traded Concepts LLC increased its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 1,048.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 49,191 shares of the company’s stock after buying an additional 44,908 shares during the period. Exchange Traded Concepts LLC’s holdings in Rigetti Computing were worth $1,090,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RGTI. Danske Bank A S acquired a new position in Rigetti Computing during the 3rd quarter worth $30,000. Parallel Advisors LLC grew its position in shares of Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after purchasing an additional 871 shares during the last quarter. Clearstead Advisors LLC acquired a new stake in shares of Rigetti Computing in the third quarter valued at about $35,000. Ancora Advisors LLC bought a new position in shares of Rigetti Computing in the third quarter worth about $38,000. Finally, Fifth Third Bancorp increased its stake in shares of Rigetti Computing by 13,960.0% in the third quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock worth $42,000 after purchasing an additional 1,396 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares in the company, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO David Rivas sold 36,719 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. This trade represents a 5.33% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company’s stock.

Rigetti Computing Price Performance

Shares of RGTI stock opened at $14.19 on Friday. The stock’s fifty day simple moving average is $16.79 and its 200 day simple moving average is $25.70. Rigetti Computing, Inc. has a one year low of $6.86 and a one year high of $58.15. The firm has a market cap of $4.71 billion, a price-to-earnings ratio of -20.87 and a beta of 1.82.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The company had revenue of $1.87 million during the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing’s revenue was down 17.9% on a year-over-year basis. On average, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. B. Riley Financial raised Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Thursday, January 22nd. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Thursday, March 5th. Wedbush increased their price objective on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Finally, Needham & Company LLC lowered their price objective on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and an average target price of $31.70.

Rigetti Computing Profile

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.