Bank of New York Mellon Corp Purchases 400,143 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Bank of New York Mellon Corp boosted its position in Rigetti Computing, Inc. (NASDAQ:RGTI) by 3,788.5% in the second quarter, HoldingsChannel reports. The firm owned 410,705 shares of the company’s stock after buying an additional 400,143 shares during the quarter. Bank of New York Mellon Corp’s holdings in Rigetti Computing were worth $439,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in Rigetti Computing in the second quarter valued at about $25,000. Comprehensive Financial Consultants Institutional Inc. bought a new position in shares of Rigetti Computing in the 2nd quarter worth $27,000. Cetera Advisors LLC bought a new position in shares of Rigetti Computing in the 1st quarter worth $38,000. PEAK6 Investments LLC bought a new position in shares of Rigetti Computing during the 1st quarter valued at $40,000. Finally, Quadrature Capital Ltd bought a new position in shares of Rigetti Computing during the 4th quarter valued at $159,000. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Stock Down 0.7 %

RGTI opened at $0.76 on Wednesday. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.03. The firm has a 50 day moving average price of $0.90 and a 200-day moving average price of $1.13. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $2.36. The stock has a market capitalization of $130.66 million, a price-to-earnings ratio of -1.43 and a beta of 2.30.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03. The business had revenue of $3.09 million during the quarter, compared to analysts’ expectations of $3.53 million. Rigetti Computing had a negative net margin of 538.72% and a negative return on equity of 54.61%. During the same period in the prior year, the company earned ($0.13) earnings per share. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the transaction, the director now directly owns 257,752 shares in the company, valued at $211,356.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 83,200 shares of company stock worth $73,624 over the last three months. 2.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RGTI. Needham & Company LLC dropped their price target on shares of Rigetti Computing from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Friday, August 9th. B. Riley started coverage on shares of Rigetti Computing in a report on Thursday, July 25th. They issued a “buy” rating and a $3.00 target price for the company.

Rigetti Computing Profile

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.