Rigetti Computing, Inc. $RGTI Position Lessened by American Assets Investment Management LLC

American Assets Investment Management LLC trimmed its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 36.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,366,749 shares of the company’s stock after selling 1,379,400 shares during the quarter. Rigetti Computing comprises about 5.2% of American Assets Investment Management LLC’s holdings, making the stock its 2nd largest position. American Assets Investment Management LLC’s holdings in Rigetti Computing were worth $70,505,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Prime Capital Investment Advisors LLC purchased a new stake in Rigetti Computing during the third quarter valued at about $330,000. Capital Investment Advisory Services LLC bought a new position in shares of Rigetti Computing during the 3rd quarter valued at about $212,000. Modus Advisors LLC boosted its stake in Rigetti Computing by 77.1% in the third quarter. Modus Advisors LLC now owns 23,200 shares of the company’s stock worth $691,000 after buying an additional 10,100 shares in the last quarter. HighPoint Advisor Group LLC purchased a new position in shares of Rigetti Computing during the third quarter worth approximately $487,000. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Rigetti Computing by 21.2% in the 3rd quarter. SBI Securities Co. Ltd. now owns 236,591 shares of the company’s stock worth $7,048,000 after acquiring an additional 41,432 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $17.71 on Friday. Rigetti Computing, Inc. has a 1 year low of $6.86 and a 1 year high of $58.15. The stock has a market capitalization of $5.84 billion, a PE ratio of -13.62 and a beta of 1.69. The business’s 50-day moving average is $23.67 and its 200 day moving average is $25.69.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business 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%.Rigetti Computing’s revenue for the quarter was down 18.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on RGTI shares. Mizuho assumed coverage on shares of Rigetti Computing in a report on Thursday, December 11th. They set an “outperform” rating and a $50.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Wedbush boosted their target price on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Finally, Benchmark reduced 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. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Rigetti Computing presently has an average rating of “Moderate Buy” and a consensus target price 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.