The cluster is entirely passive/index-driven, providing no active conviction signal. Monitor for any active manager 13F filings or insider activity for a clearer directional read. The poor historical T+20 win rate (20%) on RGTI suggests fading these passive flows.
Executive Summary
Four mega-passive institutional investors (Vanguard, Fidelity, T. Rowe Price, BofA) added $813M in RGTI positions during Q3 2025, while Morgan Stanley and Wells Fargo trimmed but saw position values rise on price appreciation. The cluster is dominated by index/passive funds, suggesting index rebalancing rather than active conviction. Historical calibration on RGTI shows poor T+20 win rates (20%), reinforcing a neutral read.
Key Financial Metrics
Institutional Positions
Net institutional flow: $832.3M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Vanguard | ADD | +40.4% | $954.7M | $684.0M |
| Fidelity | DOUBLED | +3276.4% | $59.0M | $58.3M |
| T. Rowe Price | DOUBLED | +663.8% | $144.0K | $137.0K |
| BofA | ADD | +50.6% | $95.9M | $70.6M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | TRIM | -50.4% | $50.3M | $12.4M |
| Wells Fargo | TRIM | -26% | $8.1M | $6.9M |
Key Facts
- 4 mega-passive buyers added $813.0M in net position value (Vanguard +$684M, Fidelity +$58.3M, BofA +$70.6M, T. Rowe Price +$137K)
- 2 mega-passive sellers trimmed shares but saw position values increase (Morgan Stanley +$12.4M, Wells Fargo +$6.9M) due to stock price appreciation
- All six institutions are mega-passive/index funds — no active managers or hedge funds in the cluster
- Aggregate net position change across all six funds is +$832.3M, but the signal is diluted by passive rebalancing
Financial Impact
Net institutional buying of ~$813M from 4 passive buyers, offset by $19.3M in value gains from sellers trimming; total net inflow ~$832M, but driven by index rebalancing, not active thesis
Risk Factors
- Passive rebalancing may reverse in subsequent quarters if index weights change
- 13F data is 45+ days stale; positions may have already been adjusted
- Stock has high volatility ($6.5B market cap, quantum computing sector) — passive flows do not protect against downside
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-RGTI-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Insider Cluster | $15.16 $15.99 | ▼ −5.47% | ▼ −5.97% | — |
Sep 8, 2026 24d ago | 8-K | $15.81 $15.27 | ▼ −3.42% | ▼ −2.75% | — |
Aug 20, 2026 6w ago | Insider Cluster | $17.91 $15.59 | ▲ +12.95% | ▲ +13.43% | — |
Aug 20, 2026 6w ago | 8-K | $16.07 $16.44 | ▲ +2.33% | ▲ +1.22% | — |
Jun 22, 2026 14w ago | 144 | $21.28 $19.44 | ▼ −8.65% | ▼ −9.66% | — |
Jun 16, 2026 15w ago | Insider Cluster | $20.64 $21.28 | ▲ +3.10% | ▲ +5.33% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $20.63 $20.25 | ▼ −1.87% | ▼ −2.30% | — |
Jun 10, 2026 16w ago | Insider Cluster | $19.45 $20.64 | ▼ −6.15% | ▼ −2.71% | — |
May 26, 2026 18w ago | Insider Cluster | $24.62 $26.88 | ▲ +9.18% | ▲ +7.97% | — |
May 21, 2026 19w ago | Press Release | $22.04 $27.03 | ▲ +22.64% | ▲ +21.04% | — |
US Market Status
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