Spear Advisors LLC Buys New Stake in Rigetti Computing, Inc. $RGTI

Spear Advisors LLC acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 93,092 shares of the company’s stock, valued at approximately $2,062,000. Rigetti Computing comprises about 1.4% of Spear Advisors LLC’s investment portfolio, making the stock its 20th largest holding.

Several other hedge funds have also recently added to or reduced their stakes in RGTI. Penserra Capital Management LLC grew its position in Rigetti Computing by 43.8% in the 3rd quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock worth $72,860,000 after purchasing an additional 744,577 shares during the last quarter. Clear Street Group Inc. acquired a new stake in Rigetti Computing in the 3rd quarter worth $47,752,000. J. Safra Sarasin Holding AG acquired a new stake in Rigetti Computing in the 3rd quarter worth $2,576,000. Federated Hermes Inc. grew its position in Rigetti Computing by 6,219.1% in the 3rd quarter. Federated Hermes Inc. now owns 100,853 shares of the company’s stock worth $3,004,000 after purchasing an additional 99,257 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd grew its position in Rigetti Computing by 222.3% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 630,655 shares of the company’s stock worth $18,787,000 after purchasing an additional 434,989 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Insider Activity

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction dated Tuesday, March 10th. The shares were 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 of the company’s stock, valued at $3,076,669.68. This trade represents a 2.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the transaction, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on RGTI shares. Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Needham & Company LLC restated a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Thursday, January 22nd. Benchmark reduced their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $16.88 on Thursday. The company has a 50-day moving average of $16.53 and a 200-day moving average of $21.00. The company has a market capitalization of $5.61 billion, a price-to-earnings ratio of -19.40 and a beta of 1.79. Rigetti Computing, Inc. has a 52 week low of $10.30 and a 52 week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. During the same period last year, the firm earned ($0.05) EPS. The firm’s revenue for the quarter was up 198.9% compared to the same quarter last year. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

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.