Squarepoint Ops LLC Has $2.46 Million Position in Rigetti Computing, Inc. $RGTI

Squarepoint Ops LLC cut its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 84.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 207,446 shares of the company’s stock after selling 1,119,059 shares during the period. Squarepoint Ops LLC’s holdings in Rigetti Computing were worth $2,460,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. IFP Advisors Inc boosted its position in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after buying an additional 1,300 shares in the last quarter. Quarry LP bought a new position in shares of Rigetti Computing in the 1st quarter valued at $31,000. Armstrong Advisory Group Inc. lifted its stake in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after acquiring an additional 2,060 shares during the last quarter. Banque Transatlantique SA acquired a new stake in shares of Rigetti Computing during the 1st quarter valued at $42,000. Finally, Hollencrest Capital Management grew its position in Rigetti Computing by 458.3% during the 2nd quarter. Hollencrest Capital Management now owns 4,020 shares of the company’s stock worth $48,000 after acquiring an additional 3,300 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction on Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the sale, the director owned 120,371 shares of the company’s stock, valued at approximately $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.90% of the stock is currently owned by insiders.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $22.47 on Thursday. The company has a market capitalization of $7.42 billion, a PE ratio of -17.28 and a beta of 1.68. The company has a 50 day simple moving average of $33.31 and a two-hundred day simple moving average of $23.03. Rigetti Computing, Inc. has a fifty-two week low of $5.95 and a fifty-two week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results 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 firm had revenue of $1.95 million for the quarter, compared to the consensus estimate of $2.17 million. The business’s revenue for the quarter was down 18.1% compared to the same quarter last year. Research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on RGTI. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Williams Trading set a $40.00 price objective on Rigetti Computing in a research note on Tuesday, November 11th. Benchmark cut their target price on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. B. Riley decreased their price target on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Finally, Mizuho initiated coverage on shares of Rigetti Computing in a research note on Thursday, December 11th. They set an “outperform” rating and a $50.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.30.

About Rigetti Computing

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.