SBI Securities Co. Ltd. Grows Holdings in Rigetti Computing, Inc. $RGTI

SBI Securities Co. Ltd. boosted its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 21.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 236,591 shares of the company’s stock after acquiring an additional 41,432 shares during the period. SBI Securities Co. Ltd. owned 0.07% of Rigetti Computing worth $7,048,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of RGTI. IFP Advisors Inc increased its position in 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 purchasing an additional 1,300 shares during the last quarter. Hantz Financial Services Inc. grew its stake in shares of Rigetti Computing by 194.9% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,513 shares of the company’s stock worth $45,000 after buying an additional 1,000 shares in the last quarter. Hollencrest Capital Management increased its holdings in shares of Rigetti Computing by 458.3% in the 2nd quarter. Hollencrest Capital Management now owns 4,020 shares of the company’s stock worth $48,000 after buying an additional 3,300 shares during the last quarter. Guerra Advisors Inc purchased a new stake in shares of Rigetti Computing during the 3rd quarter valued at about $52,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Rigetti Computing by 80.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,604 shares of the company’s stock valued at $55,000 after acquiring an additional 2,057 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Price Performance

Shares of RGTI opened at $17.19 on Thursday. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of -13.22 and a beta of 1.69. The company has a 50-day moving average of $24.04 and a 200 day moving average of $25.68. Rigetti Computing, Inc. has a 1-year low of $6.86 and a 1-year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last announced 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 company had revenue of $1.95 million for the quarter, compared to analysts’ expectations 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 company’s revenue for the quarter was down 18.1% on a year-over-year basis. On average, equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several recent research reports. Mizuho initiated coverage on Rigetti Computing in a research report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price target for the company. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Rosenblatt Securities reissued a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research report on Wednesday, January 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Finally, Wedbush lifted their price objective on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Profile

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.