Elevatus Welath Management Invests $4.28 Million in Rigetti Computing, Inc. $RGTI

Elevatus Welath Management bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the third quarter, Holdings Channel reports. The institutional investor bought 143,818 shares of the company’s stock, valued at approximately $4,284,000. Rigetti Computing accounts for approximately 1.2% of Elevatus Welath Management’s investment portfolio, making the stock its 24th largest position.

Several other institutional investors have also recently added to or reduced their stakes in RGTI. Parallel Advisors LLC boosted its position in Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after buying an additional 871 shares in the last quarter. Clearstead Advisors LLC acquired a new stake in shares of Rigetti Computing during the third quarter worth approximately $35,000. Fifth Third Bancorp increased its holdings in shares of Rigetti Computing by 13,960.0% during the third quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock worth $42,000 after buying an additional 1,396 shares in the last quarter. Hantz Financial Services Inc. raised its stake in shares of Rigetti Computing by 194.9% in the third quarter. Hantz Financial Services Inc. now owns 1,513 shares of the company’s stock valued at $45,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Hollencrest Capital Management boosted its holdings in shares of Rigetti Computing by 458.3% in the 2nd quarter. Hollencrest Capital Management now owns 4,020 shares of the company’s stock worth $48,000 after acquiring an additional 3,300 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $16.94 on Thursday. The firm has a market cap of $5.59 billion, a P/E ratio of -24.91 and a beta of 1.71. The firm has a 50 day simple moving average of $19.93 and a 200 day simple moving average of $25.88. Rigetti Computing, Inc. has a fifty-two week low of $6.86 and a fifty-two week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The firm had revenue of $1.87 million for the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The company’s quarterly revenue was down 17.9% on a year-over-year basis. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other news, CTO David Rivas sold 36,719 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the sale, the chief technology officer owned 651,914 shares in the company, valued at $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. This trade represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RGTI shares. Jefferies Financial Group assumed coverage on Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price target on the stock. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Mizuho reduced their price objective on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. Royal Bank Of Canada cut Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Finally, Benchmark lowered their target price on Rigetti Computing from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.70.

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.