Franklin Resources Inc. Takes Position in Rigetti Computing, Inc. $RGTI

Franklin Resources Inc. purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 94,343 shares of the company’s stock, valued at approximately $1,119,000.

Other large investors also recently added to or reduced their stakes in the company. IFP Advisors Inc grew its stake in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after acquiring an additional 1,300 shares in the last quarter. Quarry LP purchased a new stake in shares of Rigetti Computing in the first quarter valued at approximately $31,000. Armstrong Advisory Group Inc. grew its stake in Rigetti Computing by 225.4% in 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 in the last quarter. Banque Transatlantique SA bought a new position in Rigetti Computing in the first quarter worth approximately $42,000. Finally, US Bancorp DE increased its holdings in Rigetti Computing by 29.4% during the 1st quarter. US Bancorp DE now owns 6,248 shares of the company’s stock worth $49,000 after purchasing an additional 1,420 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of recent research reports. Benchmark dropped their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. B. Riley dropped their target price on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a research report on Tuesday, November 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.43.

Rigetti Computing Stock Performance

RGTI stock opened at $28.11 on Friday. Rigetti Computing, Inc. has a one year low of $3.31 and a one year high of $58.15. The firm has a market cap of $9.28 billion, a price-to-earnings ratio of -21.62 and a beta of 1.68. The firm has a 50-day simple moving average of $35.08 and a two-hundred day simple moving average of $22.26.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.03) 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 analyst estimates of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business’s revenue for the quarter was down 18.1% on a year-over-year basis. As a group, equities analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ray O. Johnson sold 126,295 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the transaction, the director directly owned 293,461 shares of the company’s stock, valued at $5,869,220. This represents a 30.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the completion of the sale, the director directly owned 120,371 shares of the company’s stock, valued at approximately $5,403,454.19. This represents a 34.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 405,930 shares of company stock worth $9,584,046. 1.90% of the stock is currently owned by company insiders.

About Rigetti Computing

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.