Elevatus Welath Management Sells 134,430 Shares of Rigetti Computing, Inc. $RGTI

Elevatus Welath Management reduced its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI) by 93.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 9,388 shares of the company’s stock after selling 134,430 shares during the period. Elevatus Welath Management’s holdings in Rigetti Computing were worth $208,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in RGTI. Royal Bank of Canada raised its position in shares of Rigetti Computing by 106.2% during the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after buying an additional 113,644 shares in the last quarter. AQR Capital Management LLC grew its position in Rigetti Computing by 138.9% in the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock worth $642,000 after acquiring an additional 47,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Rigetti Computing by 25.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after acquiring an additional 22,770 shares in the last quarter. NewEdge Advisors LLC increased its stake in Rigetti Computing by 197.8% during the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after acquiring an additional 16,998 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in Rigetti Computing during the first quarter worth approximately $3,115,000. 35.38% of the stock is currently owned by institutional investors.

Insider Activity at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the sale, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO David Rivas sold 36,719 shares of the business’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 $643,316.88. Following the transaction, the chief technology officer owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

RGTI has been the topic of a number of recent research reports. Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Wedbush boosted their target price on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Benchmark decreased their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, March 5th. Finally, TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.70.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $13.32 on Friday. Rigetti Computing, Inc. has a 1-year low of $6.86 and a 1-year high of $58.15. The firm has a market capitalization of $4.42 billion, a P/E ratio of -19.59 and a beta of 1.71. The company’s 50-day moving average is $17.68 and its 200 day moving average is $25.80.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business had revenue of $1.87 million during the quarter, compared to analyst estimates 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 business’s revenue for the quarter was down 17.9% compared to the same quarter last year. Research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Rigetti Computing Company 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.