American Assets Investment Manage recently announced the acquisition of new stake in Rigetti Computing Inc (NASDAQ:RGTI). The institutional investor has increased its shareholding in the Technology company by 1,657.83% to 8.79 million shares with purchase of 8.29 million shares. This fresh investment now brings its stake to 6.25% valued currently at $9.32 million. In addition, The Vanguard Group, Inc. raised its holdings by 69561.0 to 4.19 million shares. And Millennium Management LLC has lifted its position by 268.11% or 2.74 million shares – to 3.76 million shares.
With over 5.17 million Rigetti Computing Inc (RGTI) shares trading Tuesday and a closing price of $1.18 on the day, the dollar volume was approximately $6.1 million. The shares have shown a negative half year performance of -22.88% and its price on 01/09/24 gained nearly 3.51%. Currently, there are 125.26M common shares owned by the public and among those 96.85M shares have been available to trade.
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Insiders at the company have transacted a total of 29 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 13 of these insider trades were purchases, accounting for 1,663,650 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 456,355 shares.
The top 3 mutual fund holders in Rigetti Computing Inc are Vanguard Total Stock Market ETF, Defiance Quantum ETF, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market ETF owns 2.95 million shares of the company’s stock, all valued at over $3.12 million. Vanguard Extended Market Index Fu bought 83712.0 shares to bring its total holdings to over 1.22 million shares at a value of $1.29 million. Vanguard Extended Market Index Fu now owns shares totaling to 0.87% of the shares outstanding.
Shares of Rigetti Computing Inc (NASDAQ: RGTI) opened at $1.12, down -$0.02 from a prior closing price of $1.14. However, the script later moved the day high at 1.2300, up 3.51%. The company’s stock has a 5-day price change of 27.65% and -13.24% over the past three months. RGTI shares are trading 19.81% year to date (YTD), with the 12-month market performance up to 57.40% higher. It has a 12-month low price of $0.36 and touched a high of $3.43 over the same period. RGTI has an average intraday trading volume of 2.34 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 15.40%, 11.45%, and -4.96% respectively.
Institutional ownership of Rigetti Computing Inc (NASDAQ: RGTI) shares accounts for 18.76% of the company’s 125.26M shares outstanding. Mutual fund holders own 24.71%, while other institutional holders and individual stakeholders account for 5.96% and 13.46% respectively.
It has a market capitalization of $173.05M and a beta (3y monthly) value of 2.24. The earnings-per-share (ttm) stands at -$0.67. Price movements for the stock have been influenced by the stock’s volatility, which stands at 10.71% over the week and 8.38% over the month.
Analysts forecast that Rigetti Computing Inc (RGTI) will achieve an EPS of -$0.13 for the current quarter, -$0.13 for the next quarter and -$0.45 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.13 while analysts give the company a high EPS estimate of -$0.13. Comparatively, EPS for the current quarter was -$0.14 a year ago. Earnings per share for the fiscal year are expected to increase by 39.05%, and 18.75% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Rigetti Computing Inc (RGTI) as a “Strong Buy” at a consensus score of 1.00. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RGTI, a number of firms have released research notes about the stock. The Benchmark Company stated their Buy rating for the stock in a research note on August 11, 2023, with the firm’s price target at $4.
