Caitong International Asset Management Co. Ltd Sells 110,842 Shares of Rigetti Computing, Inc. $RGTI

Caitong International Asset Management Co. Ltd reduced its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 96.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,810 shares of the company’s stock after selling 110,842 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in Rigetti Computing were worth $84,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Rigetti Computing by 3.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 541,789 shares of the company’s stock valued at $12,001,000 after acquiring an additional 17,342 shares during the last quarter. Wells Fargo & Company MN grew its position in Rigetti Computing by 60.3% during the fourth quarter. Wells Fargo & Company MN now owns 807,659 shares of the company’s stock valued at $17,890,000 after acquiring an additional 303,962 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd grew its position in Rigetti Computing by 17.6% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 20,000 shares of the company’s stock valued at $443,000 after acquiring an additional 3,000 shares during the last quarter. Summit Financial LLC grew its position in Rigetti Computing by 17.0% during the 4th quarter. Summit Financial LLC now owns 10,023 shares of the company’s stock worth $222,000 after acquiring an additional 1,454 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec grew its position in Rigetti Computing by 568.2% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 30,778 shares of the company’s stock worth $682,000 after acquiring an additional 26,172 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RGTI has been the topic of several recent research reports. Needham & Company LLC restated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Mizuho cut their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Northland Securities began coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research note on Thursday. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.18.

Insiders Place Their Bets

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the sale, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the sale, the chief technology officer directly owned 325,945 shares in the company, valued at $8,279,003. This trade represents a 60.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 643,957 shares of company stock valued at $15,800,744. 1.60% of the stock is currently owned by corporate insiders.

Rigetti Computing Trading Up 1.7%

Shares of RGTI stock opened at $20.98 on Friday. Rigetti Computing, Inc. has a 12 month low of $10.30 and a 12 month high of $58.15. The stock has a market cap of $6.97 billion, a PE ratio of -24.11 and a beta of 1.88. The company’s fifty day moving average price is $19.36 and its 200-day moving average price is $20.23.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million for the quarter, compared to analysts’ expectations of $4.09 million. During the same quarter in the previous year, the business posted ($0.05) EPS. The company’s quarterly revenue was up 198.9% on a year-over-year basis. On average, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

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.