Westfield Capital Management Co. LP Takes Position in Rigetti Computing, Inc. $RGTI

Westfield Capital Management Co. LP purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 935,778 shares of the company’s stock, valued at approximately $20,727,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Bank of New York Mellon Corp increased its stake in shares of Rigetti Computing by 10.8% in the 4th quarter. Bank of New York Mellon Corp now owns 1,123,336 shares of the company’s stock valued at $24,882,000 after purchasing an additional 109,425 shares during the last quarter. Root Financial Partners LLC increased its stake in shares of Rigetti Computing by 5,266.0% in the 4th quarter. Root Financial Partners LLC now owns 5,366 shares of the company’s stock valued at $119,000 after purchasing an additional 5,266 shares during the last quarter. Main Management ETF Advisors LLC increased its stake in shares of Rigetti Computing by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 64,206 shares of the company’s stock valued at $1,422,000 after purchasing an additional 656 shares during the last quarter. Norges Bank bought a new position in shares of Rigetti Computing in the 4th quarter valued at $38,889,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Rigetti Computing in the 4th quarter valued at $4,937,000. Institutional investors own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday. Benchmark decreased their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Mizuho reduced their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Rosenblatt Securities restated a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given 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 $29.18.

Insider Activity

In other Rigetti Computing 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 transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer directly owned 325,945 shares in the company, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 562,758 shares of company stock worth $13,916,267 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Rigetti Computing Stock Down 14.4%

Shares of RGTI stock opened at $20.68 on Friday. The firm has a market capitalization of $6.87 billion, a P/E ratio of -23.77 and a beta of 1.88. Rigetti Computing, Inc. has a twelve month low of $10.30 and a twelve month high of $58.15. The stock’s fifty day simple moving average is $18.68 and its 200 day simple moving average is $20.37.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.Rigetti Computing’s quarterly revenue was up 198.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) EPS. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

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.