Y Intercept Hong Kong Ltd Takes $2.32 Million Position in Rigetti Computing, Inc. $RGTI

Y Intercept Hong Kong Ltd acquired a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 195,666 shares of the company’s stock, valued at approximately $2,321,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. IFP Advisors Inc grew its position in shares of Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after acquiring an additional 1,300 shares during the period. Armstrong Advisory Group Inc. grew its position in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after acquiring an additional 2,060 shares during the period. GAMMA Investing LLC grew its position in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after acquiring an additional 3,064 shares during the period. Quarry LP bought a new position in shares of Rigetti Computing in the 1st quarter valued at about $31,000. Finally, Park Square Financial Group LLC bought a new position in shares of Rigetti Computing in the 1st quarter valued at about $40,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Up 4.1%

Shares of Rigetti Computing stock opened at $44.27 on Friday. Rigetti Computing, Inc. has a twelve month low of $1.06 and a twelve month high of $58.15. The company has a 50-day simple moving average of $31.11 and a two-hundred day simple moving average of $19.04. The stock has a market capitalization of $14.35 billion, a price-to-earnings ratio of -58.25 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The business had revenue of $1.80 million during the quarter, compared to analysts’ expectations of $1.87 million. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the completion of the sale, the director owned 120,371 shares in the company, valued at $5,403,454.19. The trade was a 34.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the sale, the director owned 14,902 shares of the company’s stock, valued at $290,589. This trade represents a 87.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 454,204 shares of company stock worth $10,300,876. 1.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. B. Riley raised their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Needham & Company LLC raised their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, August 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Benchmark raised their target price on shares of Rigetti Computing from $20.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $28.29.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.