Marex Group plc Makes New $87.41 Million Investment in Rigetti Computing, Inc. $RGTI

Marex Group plc purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 7,370,520 shares of the company’s stock, valued at approximately $87,414,000. Rigetti Computing makes up about 0.8% of Marex Group plc’s portfolio, making the stock its 3rd largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. IFP Advisors Inc lifted its stake in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after acquiring an additional 1,300 shares during the period. Armstrong Advisory Group Inc. lifted its position 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 worth $35,000 after purchasing an additional 2,060 shares during the period. Quarry LP bought a new stake in shares of Rigetti Computing in the 1st quarter valued at $31,000. Hollencrest Capital Management increased its position in shares of Rigetti Computing by 458.3% during the second quarter. Hollencrest Capital Management now owns 4,020 shares of the company’s stock worth $48,000 after buying an additional 3,300 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in Rigetti Computing by 80.8% during the second quarter. PNC Financial Services Group Inc. now owns 4,604 shares of the company’s stock worth $55,000 after buying an additional 2,057 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $30.06 on Friday. The business has a 50-day simple moving average of $35.14 and a 200 day simple moving average of $22.15. Rigetti Computing, Inc. has a one year low of $2.88 and a one year high of $58.15. The firm has a market capitalization of $9.92 billion, a price-to-earnings ratio of -23.12 and a beta of 1.68.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $1.95 million during the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company’s revenue for the quarter was down 18.1% compared to the same quarter last year. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Benchmark cut their price target 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. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. B. Riley cut their target price on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th. Williams Trading set a $40.00 target price on Rigetti Computing in a research note on Tuesday, November 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.43.

Insider Buying and Selling at Rigetti Computing

In other news, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the transaction, the director directly owned 293,461 shares in the company, valued at $5,869,220. This trade represents a 30.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas J. Iannotti sold 100,000 shares of the business’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction 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. The trade was a 87.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 405,930 shares of company stock worth $9,584,046. Company insiders own 1.90% of the company’s stock.

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.