Kessler Investment Group LLC Purchases New Position in Rigetti Computing, Inc. $RGTI

Kessler Investment Group LLC purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 52,987 shares of the company’s stock, valued at approximately $1,174,000.

Other hedge funds have also bought and sold shares of the company. Danske Bank A S acquired a new stake in shares of Rigetti Computing during the 3rd quarter worth approximately $30,000. Parallel Advisors LLC lifted its stake in shares of Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after purchasing an additional 871 shares during the period. Valley National Advisers Inc. boosted its holdings in Rigetti Computing by 1,400.0% during the fourth quarter. Valley National Advisers Inc. now owns 1,500 shares of the company’s stock worth $33,000 after buying an additional 1,400 shares in the last quarter. Clearstead Advisors LLC purchased a new stake in Rigetti Computing during the third quarter worth $35,000. Finally, Ancora Advisors LLC acquired a new stake in Rigetti Computing during the third quarter valued at $38,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI opened at $18.94 on Friday. The firm has a market cap of $6.29 billion, a PE ratio of -27.85 and a beta of 1.79. The firm has a fifty day moving average of $16.41 and a 200 day moving average of $22.36. Rigetti Computing, Inc. has a one year low of $9.85 and a one year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The business had revenue of $1.87 million for the quarter, compared to the consensus estimate of $2.33 million. The firm’s revenue was down 17.9% on a year-over-year basis. On average, equities analysts predict that Rigetti Computing, Inc. will post -0.16 EPS for the current fiscal year.

Insider Activity

In related news, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the transaction, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. This trade represents a 5.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the transaction, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on RGTI shares. Needham & Company LLC dropped their price target on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Northland Securities assumed coverage on Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price on the stock. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, March 5th. Finally, TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and an average price target of $30.64.

Rigetti Computing Company 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.