Connor Clark & Lunn Investment Management Ltd. Invests $167,000 in Rigetti Computing, Inc. $RGTI

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,073 shares of the company’s stock, valued at approximately $167,000.

A number of other institutional investors have also recently added to or reduced their stakes in RGTI. Atria Wealth Solutions Inc. acquired a new position in Rigetti Computing in the second quarter valued at approximately $392,000. Avior Wealth Management LLC purchased a new stake in Rigetti Computing in the second quarter valued at $121,000. Cavalier Investments LLC acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at $589,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Rigetti Computing during the 2nd quarter worth $217,000. Finally, Teacher Retirement System of Texas grew its holdings in shares of Rigetti Computing by 24.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 43,260 shares of the company’s stock worth $513,000 after purchasing an additional 8,419 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Insider Buying and Selling

In other news, 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 value of $1,950,000.00. Following the completion of the transaction, the director owned 14,902 shares in the company, valued at approximately $290,589. This trade represents a 87.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the sale, the director owned 293,461 shares in the company, valued at $5,869,220. The trade was a 30.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 405,930 shares of company stock valued at $9,584,046. Company insiders own 1.90% of the company’s stock.

Rigetti Computing Stock Performance

Shares of RGTI stock opened at $23.59 on Friday. Rigetti Computing, Inc. has a fifty-two week low of $1.54 and a fifty-two week high of $58.15. The company has a 50 day moving average price of $35.25 and a 200 day moving average price of $21.20. The stock has a market capitalization of $7.65 billion, a P/E ratio of -18.15 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.95 million during the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business’s quarterly revenue was down 18.1% compared to the same quarter last year. On average, research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of recent analyst reports. Williams Trading set a $40.00 target price on shares of Rigetti Computing in a research report on Tuesday, November 11th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. B. Riley dropped their target price on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, November 12th. Finally, Benchmark decreased their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.43.

Rigetti Computing 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.