Geode Capital Management LLC Buys 196,891 Shares of Rigetti Computing, Inc. $RGTI

Geode Capital Management LLC lifted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 2.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,879,325 shares of the company’s stock after purchasing an additional 196,891 shares during the quarter. Geode Capital Management LLC’s holdings in Rigetti Computing were worth $174,930,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RGTI. Royal Bank of Canada raised its stake in shares of Rigetti Computing by 106.2% during the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after purchasing an additional 113,644 shares during the period. AQR Capital Management LLC raised its stake in shares of Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after purchasing an additional 47,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Rigetti Computing by 25.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after purchasing an additional 22,770 shares during the period. NewEdge Advisors LLC raised its stake in shares of Rigetti Computing by 197.8% during the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after purchasing an additional 16,998 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in shares of Rigetti Computing during the 1st quarter valued at $3,115,000. 35.38% of the stock is currently owned by institutional investors.

Key Rigetti Computing News

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Rigetti could benefit from up to $100 million in potential U.S. Commerce Department/CHIPS Act-backed quantum R&D funding, which may help accelerate development and address scaling challenges. Article Title
• Positive Sentiment: The company’s recent 108-qubit launch, cloud availability, and new international contract highlight continued commercial progress and reinforce the bullish case for quantum computing exposure. Article Title
• Positive Sentiment: Analysts remain broadly constructive, with multiple buy ratings and an average “Moderate Buy” view, which can help keep momentum traders interested in RGTI.
• Positive Sentiment: IBM’s large quantum investment is also being viewed as a sector tailwind that could validate the broader market opportunity for smaller quantum players like Rigetti. Article Title

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer directly owned 325,945 shares in the company, valued at approximately $8,279,003. This represents a 60.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares of the company’s stock, valued at $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 562,758 shares of company stock valued at $13,916,267 over the last quarter. Company insiders own 1.60% of the company’s stock.

Rigetti Computing Stock Down 10.4%

Rigetti Computing stock opened at $24.09 on Thursday. Rigetti Computing, Inc. has a 52 week low of $10.30 and a 52 week high of $58.15. The business has a 50-day simple moving average of $18.40 and a 200 day simple moving average of $20.38. The stock has a market cap of $8.01 billion, a price-to-earnings ratio of -27.69 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. During the same period in the previous year, the business earned ($0.05) earnings per share. The firm’s revenue was up 198.9% on a year-over-year basis. On average, research analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on RGTI shares. Northland Securities started coverage on Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price for the company. Rosenblatt Securities restated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research report on Thursday, March 5th. Benchmark reduced their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Finally, Needham & Company LLC restated a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a research report on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

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.