1,755,700 Shares in Rigetti Computing, Inc. $RGTI Purchased by Norges Bank

Norges Bank purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,755,700 shares of the company’s stock, valued at approximately $38,889,000.

A number of other institutional investors have also recently bought and sold shares of the business. Eurizon Capital SGR S.p.A. acquired a new stake in Rigetti Computing during the 4th quarter worth about $4,937,000. JTC Employer Solutions Trustee Ltd boosted its position in Rigetti Computing by 120.6% during the 4th quarter. JTC Employer Solutions Trustee Ltd now owns 25,605 shares of the company’s stock worth $568,000 after acquiring an additional 14,000 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Rigetti Computing by 180.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after acquiring an additional 858 shares during the period. Intech Investment Management LLC boosted its position in Rigetti Computing by 66.3% during the 4th quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock worth $2,664,000 after acquiring an additional 47,935 shares during the period. Finally, Seven Grand Managers LLC acquired a new stake in Rigetti Computing during the 4th quarter worth about $1,108,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the sale, the chief technology officer directly owned 325,945 shares in the company, valued at approximately $8,279,003. The trade was a 60.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the sale, the chief financial officer owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. This trade represents a 2.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 521,769 shares of company stock valued at $13,198,140. 1.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RGTI shares. TD Cowen lowered Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Benchmark decreased their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Finally, Northland Securities assumed coverage on Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $21.76 on Tuesday. The firm has a market cap of $7.23 billion, a price-to-earnings ratio of -25.01 and a beta of 1.88. Rigetti Computing, Inc. has a 52-week low of $10.30 and a 52-week high of $58.15. The stock has a 50-day simple moving average of $18.82 and a 200-day simple moving average of $20.31.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The business had revenue of $4.40 million during the quarter, compared to analyst estimates 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 revenue was up 198.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.05) EPS. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share 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.