Strs Ohio Raises Position in Rigetti Computing, Inc. $RGTI

Strs Ohio lifted its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 240.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,800 shares of the company’s stock after acquiring an additional 28,100 shares during the quarter. Strs Ohio’s holdings in Rigetti Computing were worth $1,186,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH increased its position in Rigetti Computing by 1.7% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock worth $631,000 after purchasing an additional 357 shares during the period. GAMMA Investing LLC boosted its stake in shares of Rigetti Computing by 25.6% in the third quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock valued at $86,000 after buying an additional 587 shares in the last quarter. Kingswood Wealth Advisors LLC grew its holdings in Rigetti Computing by 4.4% during the third quarter. Kingswood Wealth Advisors LLC now owns 21,610 shares of the company’s stock worth $644,000 after acquiring an additional 920 shares during the period. Eagle Strategies LLC raised its position in Rigetti Computing by 1.1% in the third quarter. Eagle Strategies LLC now owns 86,426 shares of the company’s stock worth $2,575,000 after acquiring an additional 959 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Rigetti Computing by 20.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,000 shares of the company’s stock valued at $71,000 after acquiring an additional 1,000 shares during the period. Institutional investors and hedge funds own 35.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Wedbush upped their target price on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Benchmark reduced their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Royal Bank Of Canada cut Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Finally, Williams Trading set a $40.00 price objective on Rigetti Computing in a research note on Tuesday, November 11th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Price Performance

Shares of NASDAQ RGTI opened at $22.31 on Wednesday. The firm’s 50-day moving average is $24.78 and its two-hundred day moving average is $25.60. The company has a market capitalization of $7.36 billion, a PE ratio of -17.16 and a beta of 1.70. Rigetti Computing, Inc. has a 12-month low of $6.86 and a 12-month high of $58.15.

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

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.