Intech Investment Management LLC Boosts Position in Rigetti Computing, Inc. $RGTI

Intech Investment Management LLC boosted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 66.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 120,260 shares of the company’s stock after purchasing an additional 47,935 shares during the period. Intech Investment Management LLC’s holdings in Rigetti Computing were worth $2,664,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Larson Financial Group LLC raised its stake in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares in the last quarter. Tsfg LLC grew its stake in Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares in the last quarter. Danske Bank A S bought a new position in Rigetti Computing in the third quarter worth approximately $30,000. Parallel Advisors LLC grew its stake in Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares in the last quarter. Finally, Valley National Advisers Inc. grew its stake in Rigetti Computing by 1,400.0% in the fourth quarter. Valley National Advisers Inc. now owns 1,500 shares of the company’s stock worth $33,000 after purchasing an additional 1,400 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

Key Stories Impacting Rigetti Computing

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Rigetti is set to receive up to $100 million in potential U.S. Commerce Department backing for quantum R&D, which could help fund efforts to solve scaling challenges and accelerate development. Article Title
• Positive Sentiment: The company also benefited from reports highlighting its CHIPS Act funding prospects, a multi-year U.S. Air Force Research Laboratory contract, a newly launched 108-qubit system on major cloud platforms, and a new quantum computing contract in India, all of which support the case for growing commercial traction. Article Title
• Neutral Sentiment: Wall Street sentiment remains broadly constructive, with analyst coverage still showing a “Moderate Buy” profile and price targets clustered above current levels, though some commentary notes that bullish recommendations can be overly optimistic. Article Title
• Negative Sentiment: Offsetting the optimism, CTO David Rivas disclosed a large insider sale of nearly 500,000 shares, which can raise concerns about near-term confidence even though insider selling does not necessarily signal fundamental weakness. Article Title

Rigetti Computing Stock Up 4.9%

Shares of RGTI stock opened at $26.88 on Wednesday. The company’s 50 day moving average is $17.99 and its 200 day moving average is $20.39. Rigetti Computing, Inc. has a 52-week low of $10.30 and a 52-week high of $58.15. The firm has a market cap of $8.93 billion, a price-to-earnings ratio of -30.90 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The business had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. During the same period in the previous year, the company earned ($0.05) earnings per share. The business’s revenue for the quarter was up 198.9% on a year-over-year basis. Analysts anticipate that Rigetti Computing, Inc. will post -0.21 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the transaction, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 562,758 shares of company stock worth $13,916,267 over the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

RGTI has been the topic of several research analyst reports. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Northland Securities initiated coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective on the stock. TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Needham & Company LLC reissued a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.18.

About Rigetti Computing

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.