Rigetti Computing, Inc. $RGTI Shares Acquired by Federated Hermes Inc.

Federated Hermes Inc. grew its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 6,219.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 100,853 shares of the company’s stock after buying an additional 99,257 shares during the quarter. Federated Hermes Inc.’s holdings in Rigetti Computing were worth $3,004,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. IFP Advisors Inc lifted 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 purchasing an additional 1,300 shares during the period. Hollencrest Capital Management lifted its holdings in shares of Rigetti Computing by 458.3% in the 2nd quarter. Hollencrest Capital Management now owns 4,020 shares of the company’s stock valued at $48,000 after buying an additional 3,300 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Rigetti Computing by 80.8% in the second quarter. PNC Financial Services Group Inc. now owns 4,604 shares of the company’s stock valued at $55,000 after buying an additional 2,057 shares in the last quarter. Spire Wealth Management grew its holdings in Rigetti Computing by 2,400.0% during the third quarter. Spire Wealth Management now owns 1,875 shares of the company’s stock worth $56,000 after acquiring an additional 1,800 shares during the period. Finally, Geneos Wealth Management Inc. raised its position in Rigetti Computing by 88.8% in the second quarter. Geneos Wealth Management Inc. now owns 5,097 shares of the company’s stock worth $60,000 after acquiring an additional 2,397 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on RGTI. Benchmark decreased their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Jefferies Financial Group started coverage on Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective for the company. B. Riley upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target for the company in a research report on Thursday, January 22nd. Wedbush lifted their price target on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Finally, Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Eight equities research 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.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.60.

Rigetti Computing Trading Up 2.8%

RGTI stock opened at $18.21 on Wednesday. The stock has a 50-day moving average price of $24.21 and a two-hundred day moving average price of $25.74. The company has a market cap of $6.01 billion, a PE ratio of -14.01 and a beta of 1.69. Rigetti Computing, Inc. has a 12-month low of $6.86 and a 12-month high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating 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 analysts’ expectations of $2.17 million. The firm’s revenue for the quarter was down 18.1% on a year-over-year basis. Equities analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal 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.