Teacher Retirement System of Texas Boosts Holdings in Rigetti Computing, Inc. $RGTI

Teacher Retirement System of Texas increased its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 24.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,260 shares of the company’s stock after buying an additional 8,419 shares during the period. Teacher Retirement System of Texas’ holdings in Rigetti Computing were worth $513,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. IFP Advisors Inc grew its stake in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after acquiring an additional 1,300 shares in the last quarter. Quarry LP purchased a new position in Rigetti Computing in the first quarter valued at $31,000. Armstrong Advisory Group Inc. boosted its holdings in Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after purchasing an additional 2,060 shares during the period. Banque Transatlantique SA acquired a new position in Rigetti Computing during the 1st quarter worth $42,000. Finally, US Bancorp DE increased its holdings in Rigetti Computing by 29.4% during the 1st quarter. US Bancorp DE now owns 6,248 shares of the company’s stock worth $49,000 after purchasing an additional 1,420 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RGTI has been the subject of several recent research reports. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research note on Wednesday, July 16th. Williams Trading set a $50.00 price target on shares of Rigetti Computing in a research note on Tuesday, October 7th. Benchmark boosted their price target on shares of Rigetti Computing from $20.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. B. Riley reissued a “neutral” rating and issued a $42.00 price objective (up from $35.00) on shares of Rigetti Computing in a research report on Monday, November 3rd. Finally, Needham & Company LLC lifted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.29.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 44,355 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total transaction of $658,671.75. Following the transaction, the chief technology officer owned 730,568 shares of the company’s stock, valued at approximately $10,848,934.80. This trade represents a 5.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas J. Iannotti sold 100,000 shares of the business’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.50, for a total value of $1,950,000.00. Following the completion of the sale, the director directly owned 14,902 shares of the company’s stock, valued at $290,589. The trade was a 87.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 454,204 shares of company stock valued at $10,300,876 over the last ninety days.

Rigetti Computing Trading Down 1.7%

RGTI stock opened at $33.77 on Monday. The stock has a market cap of $10.95 billion, a P/E ratio of -44.43 and a beta of 1.64. Rigetti Computing, Inc. has a twelve month low of $1.25 and a twelve month high of $58.15. The company’s 50 day moving average is $33.14 and its two-hundred day moving average is $20.16.

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

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.