Tempo Wealth LLC Takes $617,000 Position in Rigetti Computing, Inc. $RGTI

Tempo Wealth LLC acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 27,859 shares of the company’s stock, valued at approximately $617,000.

A number of other institutional investors and hedge funds also recently modified their holdings of RGTI. Vanguard Group Inc. grew its holdings in shares of Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after acquiring an additional 9,228,888 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Rigetti Computing by 1,632.5% during the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after purchasing an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at $21,887,000. Norges Bank acquired a new position in shares of Rigetti Computing in the 4th quarter valued at $38,889,000. Finally, Clear Street Group Inc. purchased a new position in Rigetti Computing in the 3rd quarter worth about $47,752,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RGTI shares. Benchmark cut their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Mizuho dropped their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Finally, Needham & Company LLC restated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Stock Up 5.5%

Shares of NASDAQ:RGTI opened at $21.36 on Friday. The firm has a market capitalization of $7.10 billion, a P/E ratio of -24.55 and a beta of 1.88. Rigetti Computing, Inc. has a 12-month low of $10.30 and a 12-month high of $58.15. The firm has a fifty day moving average of $19.93 and a two-hundred day moving average of $20.06.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The company had revenue of $4.40 million for 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 business’s revenue was up 198.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) EPS. Equities research analysts expect that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Ray O. Johnson sold 122,188 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the sale, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. This represents a 41.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction dated 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 directly owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This represents a 2.10% decrease in their position. 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 three months, insiders sold 643,957 shares of company stock worth $15,800,744. Corporate insiders own 1.60% of the company’s stock.

Rigetti Computing Company 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.