Vanguard Group Inc. Grows Stake in Rigetti Computing, Inc. $RGTI

Vanguard Group Inc. grew its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI) by 12.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 35,970,648 shares of the company’s stock after buying an additional 3,924,171 shares during the quarter. Vanguard Group Inc. owned approximately 0.11% of Rigetti Computing worth $796,750,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. State Street Corp lifted its holdings in Rigetti Computing by 12.0% in the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after buying an additional 946,850 shares during the period. UBS Group AG lifted its holdings in Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares during the period. Northern Trust Corp lifted its holdings in Rigetti Computing by 16.3% in the 3rd quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after buying an additional 397,905 shares during the period. Penserra Capital Management LLC lifted its holdings in Rigetti Computing by 43.8% in the 3rd quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock worth $72,860,000 after buying an additional 744,577 shares during the period. Finally, Ameriprise Financial Inc. purchased a new stake in Rigetti Computing in the 2nd quarter worth approximately $21,887,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Insider Buying and Selling

In related news, CTO David Rivas sold 36,719 shares of the firm’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 transaction of $643,316.88. Following the completion of the transaction, the chief technology officer owned 651,914 shares of the company’s stock, valued at $11,421,533.28. This trade represents a 5.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

Rigetti Computing Stock Performance

Shares of NASDAQ:RGTI opened at $17.48 on Friday. Rigetti Computing, Inc. has a 52-week low of $9.14 and a 52-week high of $58.15. The firm has a market capitalization of $5.81 billion, a P/E ratio of -25.71 and a beta of 1.79. The stock has a 50 day moving average price of $16.25 and a 200-day moving average price of $23.25.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.87 million during the quarter, compared to analyst estimates of $2.33 million. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. On average, equities analysts forecast that Rigetti Computing, Inc. will post -0.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RGTI. Benchmark dropped their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Needham & Company LLC decreased their target price on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Wedbush increased their target price on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. TD Cowen lowered Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Finally, Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.64.

Rigetti Computing Company 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.