Rigetti Computing, Inc. $RGTI Shares Bought by Quantinno Capital Management LP

Quantinno Capital Management LP lifted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 83.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 60,040 shares of the company’s stock after acquiring an additional 27,342 shares during the quarter. Quantinno Capital Management LP’s holdings in Rigetti Computing were worth $843,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RGTI. Heritage Wealth Advisors raised its position in shares of Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares during the period. Larson Financial Group LLC boosted its position in shares of Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares during the period. PeakShares LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at $28,000. EFG International AG purchased a new position in Rigetti Computing in the 4th quarter worth about $28,000. Finally, Tsfg LLC increased its stake in Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a report on Tuesday, May 12th. Weiss Ratings cut shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Wedbush assumed coverage on shares of Rigetti Computing in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price objective on the stock. Finally, Benchmark assumed coverage on Rigetti Computing in a research report on Monday, July 27th. They issued a “buy” rating and a $25.00 target price on the stock. Seven research 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 MarketBeat.com, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.67.

Rigetti Computing Trading Down 0.8%

Shares of Rigetti Computing stock opened at $18.67 on Tuesday. The firm has a fifty day simple moving average of $17.62 and a 200-day simple moving average of $17.79. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of -20.74 and a beta of 1.99. Rigetti Computing, Inc. has a 1-year low of $12.53 and a 1-year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Activity

In other news, Director Ray O. Johnson sold 84,944 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $20.55, for a total value of $1,745,599.20. Following the sale, the director owned 95,537 shares in the company, valued at approximately $1,963,285.35. This trade represents a 47.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction 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. This trade represents a 60.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is owned by company insiders.

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.