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

Elevatus Welath Management reduced its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 93.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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 quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Osaic Holdings Inc. increased its position in Rigetti Computing by 119.2% in the second quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock worth $3,087,000 after buying an additional 141,541 shares in the last quarter. Penserra Capital Management LLC raised its stake in shares of Rigetti Computing by 43.8% in the third quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock worth $72,860,000 after buying an additional 744,577 shares during the period. Swiss National Bank lifted its position in shares of Rigetti Computing by 18.3% during the 2nd quarter. Swiss National Bank now owns 546,100 shares of the company’s stock valued at $6,477,000 after buying an additional 84,300 shares in the last quarter. Oak Harvest Investment Services lifted its position in shares of Rigetti Computing by 436.7% during the 3rd quarter. Oak Harvest Investment Services now owns 80,505 shares of the company’s stock valued at $2,398,000 after buying an additional 65,505 shares in the last quarter. Finally, J. Safra Sarasin Holding AG bought a new position in shares of Rigetti Computing during the 3rd quarter valued at approximately $2,576,000. 35.38% of the stock is currently owned by institutional investors.

Insider Activity

In other Rigetti Computing 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 transaction, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. This trade represents a 2.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO David Rivas sold 36,719 shares of the stock in a transaction that occurred 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 $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

RGTI has been the subject of a number of analyst reports. Needham & Company LLC reduced their price objective on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Benchmark dropped their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Finally, Jefferies Financial Group began coverage on Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price target on the stock. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.70.

Rigetti Computing Stock Performance

RGTI opened at $13.32 on Friday. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of -19.59 and a beta of 1.71. The company has a fifty day moving average of $17.68 and a 200 day moving average of $25.80. 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 announced 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 net margin of 3,111.92% and a negative return on equity of 14.91%. The business had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. The business’s revenue was down 17.9% on a year-over-year basis. On average, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current 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.