Penserra Capital Management LLC Reduces Stock Position in Rigetti Computing, Inc. $RGTI

Penserra Capital Management LLC lessened its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 23.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,701,241 shares of the company’s stock after selling 514,430 shares during the quarter. Penserra Capital Management LLC owned about 0.59% of Rigetti Computing worth $20,176,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake 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 worth $26,000 after acquiring an additional 3,064 shares during the last quarter. IFP Advisors Inc grew its holdings 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 valued at $26,000 after purchasing an additional 1,300 shares during the period. Quarry LP acquired a new stake in Rigetti Computing during the first quarter worth about $31,000. Armstrong Advisory Group Inc. raised its stake in Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after purchasing an additional 2,060 shares during the period. Finally, Park Square Financial Group LLC purchased a new position in Rigetti Computing during the first quarter worth about $40,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction on 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 transaction, the director owned 120,371 shares in the company, valued at $5,403,454.19. The trade was a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction on 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 owned 14,902 shares in the company, valued at approximately $290,589. The trade was a 87.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 454,204 shares of company stock valued at $10,300,876. 1.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RGTI. Needham & Company LLC raised their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, August 4th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note on Wednesday, July 16th. Benchmark lifted their target price on Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.29.

Rigetti Computing Stock Down 1.7%

RGTI opened at $33.77 on Friday. Rigetti Computing, Inc. has a 52 week low of $1.25 and a 52 week high of $58.15. The business has a fifty day simple moving average of $33.14 and a 200-day simple moving average of $20.00. The firm has a market cap of $10.95 billion, a P/E ratio of -44.43 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. Sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

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.