Penserra Capital Management LLC Reduces Position in Rigetti Computing, Inc. $RGTI

Penserra Capital Management LLC reduced its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 23.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,701,241 shares of the company’s stock after selling 514,430 shares during the period. Penserra Capital Management LLC’s holdings in Rigetti Computing were worth $20,176,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. IFP Advisors Inc raised its stake 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. Armstrong Advisory Group Inc. boosted its position in shares of Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after acquiring an additional 2,060 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after acquiring an additional 3,064 shares during the last quarter. Quarry LP acquired a new stake in shares of Rigetti Computing during the 1st quarter worth about $31,000. Finally, Park Square Financial Group LLC purchased a new stake in Rigetti Computing during the first quarter worth approximately $40,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Williams Trading set a $50.00 price target on shares of Rigetti Computing in a research note on Tuesday, October 7th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. B. Riley reiterated a “neutral” rating and set a $42.00 price target (up from $35.00) on shares of Rigetti Computing in a research note on Monday. Benchmark upped their price objective on shares of Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.29.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI opened at $33.77 on Friday. Rigetti Computing, Inc. has a 1-year low of $1.25 and a 1-year high of $58.15. The stock has a market cap of $10.95 billion, a P/E ratio of -44.43 and a beta of 1.64. The firm has a fifty day moving average price of $33.14 and a 200 day moving average price of $20.00.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The business had revenue of $1.80 million during the quarter, compared to analysts’ expectations of $1.87 million. Sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity

In other news, Director Ray O. Johnson sold 126,295 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the sale, the director owned 293,461 shares in the company, valued at $5,869,220. This represents a 30.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the sale, the director directly owned 14,902 shares of the company’s stock, valued at approximately $290,589. This represents a 87.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 454,204 shares of company stock worth $10,300,876 over the last quarter. 1.90% of the stock is owned by insiders.

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.