Clear Street Group Inc. Has $60.76 Million Stock Holdings in Rigetti Computing, Inc. $RGTI

Clear Street Group Inc. grew its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI) by 71.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,743,150 shares of the company’s stock after acquiring an additional 1,140,183 shares during the period. Rigetti Computing accounts for approximately 0.2% of Clear Street Group Inc.’s holdings, making the stock its 26th largest position. Clear Street Group Inc.’s holdings in Rigetti Computing were worth $60,761,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RGTI. Heritage Wealth Advisors raised its holdings in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares in the last quarter. Tsfg LLC boosted its holdings in Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Rigetti Computing by 180.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after buying an additional 858 shares during the last quarter. Finally, Danske Bank A S acquired a new position in Rigetti Computing during the third quarter worth $30,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Mizuho lowered their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Benchmark cut their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday. Finally, Northland Securities initiated 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. Eight equities research 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Price Performance

Shares of RGTI opened at $20.98 on Friday. The company has a market capitalization of $6.97 billion, a PE ratio of -24.11 and a beta of 1.88. Rigetti Computing, Inc. has a one year low of $10.30 and a one year high of $58.15. The company’s fifty day moving average price is $19.36 and its 200 day moving average price is $20.23.

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

Insider Buying and Selling

In other Rigetti Computing news, Director Ray O. Johnson sold 122,188 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total value of $2,602,604.40. Following the sale, the director owned 171,273 shares of the company’s stock, valued at $3,648,114.90. This trade represents a 41.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction that occurred on 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 643,957 shares of company stock valued at $15,800,744. Insiders own 1.60% of the company’s stock.

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.