Caitong International Asset Management Co. Ltd Has $3.42 Million Stake in Rigetti Computing, Inc. $RGTI

Caitong International Asset Management Co. Ltd boosted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 536.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,652 shares of the company’s stock after acquiring an additional 96,639 shares during the quarter. Rigetti Computing accounts for about 2.4% of Caitong International Asset Management Co. Ltd’s investment portfolio, making the stock its 7th largest holding. Caitong International Asset Management Co. Ltd’s holdings in Rigetti Computing were worth $3,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Parallel Advisors LLC lifted 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 purchasing an additional 871 shares during the last quarter. Clearstead Advisors LLC purchased a new position in shares of Rigetti Computing in the third quarter worth $35,000. Ancora Advisors LLC purchased a new position in shares of Rigetti Computing in the third quarter worth $38,000. Fifth Third Bancorp raised its holdings 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 buying an additional 1,396 shares during the last quarter. Finally, Hantz Financial Services Inc. raised its holdings in Rigetti Computing by 194.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,513 shares of the company’s stock valued at $45,000 after buying an additional 1,000 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Stock Up 0.5%

Shares of NASDAQ:RGTI opened at $16.22 on Wednesday. Rigetti Computing, Inc. has a 52-week low of $6.86 and a 52-week high of $58.15. The stock has a market cap of $5.39 billion, a price-to-earnings ratio of -23.85 and a beta of 1.71. The business has a 50-day moving average price of $19.30 and a 200-day moving average price of $25.96.

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Benchmark cut their target price on Rigetti Computing from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Finally, B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a report on Thursday, January 22nd. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.70.

Insiders Place Their Bets

In related news, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction on 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 $11,421,533.28. This trade represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction of $74,810.40. Following the completion of the sale, the chief financial officer directly owned 175,609 shares in the company, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

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.