VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Stake in Rigetti Computing, Inc. $RGTI

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 33,900 shares of the company’s stock, valued at approximately $655,000.

A number of other institutional investors have also modified their holdings of the stock. California State Teachers Retirement System lifted its holdings in shares of Rigetti Computing by 1,861.8% in the 2nd quarter. California State Teachers Retirement System now owns 7,414,688 shares of the company’s stock valued at $143,252,000 after buying an additional 7,036,733 shares during the period. Ameritas Advisory Services LLC purchased a new stake in shares of Rigetti Computing in the second quarter worth about $133,000. Compass Financial Management LLC acquired a new stake in Rigetti Computing during the second quarter worth about $34,000. TD Waterhouse Canada Inc. grew its holdings in Rigetti Computing by 3.6% during the second quarter. TD Waterhouse Canada Inc. now owns 50,850 shares of the company’s stock worth $951,000 after acquiring an additional 1,762 shares during the period. Finally, Concurrent Investment Advisors LLC raised its position in Rigetti Computing by 66.4% during the second quarter. Concurrent Investment Advisors LLC now owns 158,946 shares of the company’s stock valued at $3,071,000 after acquiring an additional 63,412 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on RGTI shares. Wedbush started coverage on Rigetti Computing in a research report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price objective on the stock. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Jefferies Financial Group reissued a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Weiss Ratings upgraded shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $30.67.

Insiders Place Their Bets

In other news, CTO Andrew Bestwick sold 5,791 shares of the stock in a transaction dated Thursday, August 20th. The shares were 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 in the company, valued at $17,417,194.01. This represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 dated Thursday, August 20th. The stock was sold at an average price of $16.79, for a total transaction of $151,748.02. Following the completion of the transaction, the chief operating officer directly owned 316,907 shares in the company, valued at approximately $5,320,868.53. This represents a 2.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 248,633 shares of company stock valued at $4,316,489. Corporate insiders own 1.60% of the company’s stock.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $15.27 on Tuesday. The stock has a market capitalization of $5.10 billion, a P/E ratio of -16.97 and a beta of 2.00. The business has a 50 day simple moving average of $16.03 and a two-hundred day simple moving average of $17.63. Rigetti Computing, Inc. has a 12 month low of $12.53 and a 12 month high of $58.15.

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

Rigetti Computing Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti’s offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.