Legal & General Group Plc Boosts Holdings in Rigetti Computing, Inc. $RGTI

Legal & General Group Plc increased its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 58.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 336,690 shares of the company’s stock after acquiring an additional 124,601 shares during the quarter. Legal & General Group Plc’s holdings in Rigetti Computing were worth $3,993,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RGTI. JPMorgan Chase & Co. grew its holdings in shares of Rigetti Computing by 142.5% during the second quarter. JPMorgan Chase & Co. now owns 1,002,078 shares of the company’s stock worth $11,885,000 after purchasing an additional 588,844 shares during the last quarter. Swiss National Bank grew its stake in Rigetti Computing by 18.3% during the 2nd quarter. Swiss National Bank now owns 546,100 shares of the company’s stock worth $6,477,000 after buying an additional 84,300 shares during the last quarter. Handelsbanken Fonder AB purchased a new position in Rigetti Computing during the 2nd quarter worth approximately $963,000. Ensign Peak Advisors Inc increased its position in Rigetti Computing by 86.6% during the second quarter. Ensign Peak Advisors Inc now owns 70,250 shares of the company’s stock worth $833,000 after buying an additional 32,600 shares during the period. Finally, TD Waterhouse Canada Inc. lifted its stake in Rigetti Computing by 3,429.3% in the second quarter. TD Waterhouse Canada Inc. now owns 36,175 shares of the company’s stock valued at $409,000 after buying an additional 35,150 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Stock Performance

RGTI stock opened at $28.11 on Friday. The stock has a market capitalization of $9.28 billion, a PE ratio of -21.62 and a beta of 1.68. The company has a fifty day moving average of $35.08 and a 200-day moving average of $22.26. Rigetti Computing, Inc. has a one year low of $3.31 and a one year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 4,741.49% and a negative return on equity of 21.98%. The firm’s quarterly revenue was down 18.1% compared to the same quarter last year. Equities analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the completion of the sale, the director directly owned 120,371 shares of the company’s stock, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the sale, the director owned 653,766 shares in the company, valued at approximately $12,421,554. This trade represents a 10.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 405,930 shares of company stock valued at $9,584,046. Corporate insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RGTI. Benchmark lowered 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. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a research report on Tuesday, November 11th. B. Riley dropped their price objective on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.43.

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.