Rigetti Computing, Inc. $RGTI Holdings Boosted by Algert Global LLC

Algert Global LLC raised its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 169.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 237,660 shares of the company’s stock after purchasing an additional 149,350 shares during the quarter. Algert Global LLC owned 0.07% of Rigetti Computing worth $7,080,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Parallel Advisors LLC grew its holdings in shares of Rigetti Computing by 403.2% during 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 Rigetti Computing during the 3rd quarter worth about $35,000. Ancora Advisors LLC purchased a new position in Rigetti Computing during the 3rd quarter valued at about $38,000. Fifth Third Bancorp grew its stake in Rigetti Computing by 13,960.0% during the 3rd quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock valued at $42,000 after acquiring an additional 1,396 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its holdings in shares of Rigetti Computing by 194.9% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,513 shares of the company’s stock valued at $45,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Trading Down 0.2%

NASDAQ:RGTI opened at $16.14 on Tuesday. The firm has a market capitalization of $5.36 billion, a PE ratio of -23.73 and a beta of 1.72. Rigetti Computing, Inc. has a 1 year low of $6.86 and a 1 year high of $58.15. The firm’s fifty day simple moving average is $19.48 and its 200 day simple moving average is $25.96.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target for the company. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Benchmark dropped their price objective on shares of Rigetti Computing from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research report on Thursday, March 5th. Finally, TD Cowen lowered shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Eight investment 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.70.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the transaction, the chief technology officer owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction dated Tuesday, March 10th. The shares were 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 owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their position. The disclosure for this sale is available in the SEC filing.

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.