Wellington Management Group LLP Has $10.40 Million Stock Position in Rigetti Computing, Inc. $RGTI

Wellington Management Group LLP boosted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 13.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 538,449 shares of the company’s stock after acquiring an additional 63,658 shares during the period. Wellington Management Group LLP’s holdings in Rigetti Computing were worth $10,403,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Rigetti Computing by 12.0% in the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after purchasing an additional 946,850 shares during the period. Geode Capital Management LLC increased its position in shares of Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after buying an additional 196,891 shares during the period. UBS Group AG increased its position in shares of Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares during the period. Northern Trust Corp raised its stake in Rigetti Computing by 16.3% during the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after buying an additional 397,905 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Rigetti Computing by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,795,388 shares of the company’s stock worth $61,918,000 after buying an additional 84,994 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Insider Buying and Selling

In other news, CTO Andrew Bestwick sold 5,791 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the sale, the chief technology officer directly owned 1,036,121 shares of the company’s stock, valued at $17,417,194.01. This represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO David Rivas sold 9,038 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.79, for a total value of $151,748.02. Following the completion of the transaction, the chief operating officer owned 316,907 shares in the company, valued at $5,320,868.53. This represents a 2.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 128,633 shares of company stock valued at $2,434,889. Company insiders own 1.60% of the company’s stock.

Rigetti Computing Price Performance

NASDAQ:RGTI opened at $15.20 on Tuesday. The firm has a 50-day moving average of $16.34 and a 200-day moving average of $17.66. The company has a market cap of $5.07 billion, a PE ratio of -16.89 and a beta of 2.00. Rigetti Computing, Inc. has a one year low of $12.53 and a one year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The company had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. On average, equities research analysts expect that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RGTI shares. Jefferies Financial Group restated a “hold” rating and issued a $18.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Weiss Ratings raised Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Zacks Research downgraded Rigetti Computing from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. 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, Wedbush assumed coverage on Rigetti Computing in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $30.67.

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.