Tempo Wealth LLC Invests $617,000 in Rigetti Computing, Inc. $RGTI

Tempo Wealth LLC purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, Holdings Channel reports. The firm purchased 27,859 shares of the company’s stock, valued at approximately $617,000.

Other institutional investors also recently modified their holdings of the company. Royal Bank of Canada lifted its position in Rigetti Computing by 106.2% in the first quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after purchasing an additional 113,644 shares during the period. AQR Capital Management LLC increased its holdings in Rigetti Computing by 138.9% in the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after buying an additional 47,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Rigetti Computing by 25.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after buying an additional 22,770 shares during the period. NewEdge Advisors LLC raised its stake in shares of Rigetti Computing by 197.8% in the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after buying an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at $3,115,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Insiders Place Their Bets

In other news, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This trade represents a 60.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ray O. Johnson sold 122,188 shares of Rigetti Computing stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the sale, the director owned 171,273 shares of the company’s stock, valued at approximately $3,648,114.90. This represents a 41.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 643,957 shares of company stock valued at $15,800,744. 1.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on RGTI. Benchmark decreased their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Needham & Company LLC restated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, June 11th. Finally, Mizuho lowered their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Rigetti Computing has a consensus rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $21.36 on Friday. The firm has a 50 day simple moving average of $19.93 and a 200 day simple moving average of $20.06. The firm has a market cap of $7.10 billion, a P/E ratio of -24.55 and a beta of 1.88. Rigetti Computing, Inc. has a fifty-two week low of $10.30 and a fifty-two week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results 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 company had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The firm’s quarterly revenue was up 198.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.05) earnings per share. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current 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.