57,249 Shares in Rigetti Computing, Inc. $RGTI Acquired by Ticino Wealth

Key Points

• Ticino Wealth opened a new position in Rigetti Computing (RGTI), buying 57,249 shares in the fourth quarter valued at about $1.27 million, and several other funds also increased stakes, leaving institutional ownership at 35.38%.
• Company insiders sold shares on March 10: CTO David Rivas sold 36,719 shares and CFO Jeffrey Bertelsen sold 4,270 shares at an average price of $17.52, reducing their ownership by 5.33% and 2.37%, respectively.
• Analysts are mixed but the consensus is a Moderate Buy with a $30.64 price target; Rigetti reported a ($0.03) EPS beat but weak revenue of $1.87M, and the stock trades with a $6.44 billion market cap and a wide 12‑month range.

Ticino Wealth purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 57,249 shares of the company's stock, valued at approximately $1,268,000.

A number of other hedge funds have also bought and sold shares of RGTI. TD Waterhouse Canada Inc. boosted its stake in Rigetti Computing by 8.0% in the fourth quarter. TD Waterhouse Canada Inc. now owns 48,871 shares of the company's stock valued at $1,082,000 after acquiring an additional 3,624 shares during the period. CWM LLC increased its holdings in shares of Rigetti Computing by 9.0% in the fourth quarter. CWM LLC now owns 16,708 shares of the company's stock valued at $370,000 after buying an additional 1,386 shares in the last quarter. KBC Group NV raised its position in shares of Rigetti Computing by 8.3% during the fourth quarter. KBC Group NV now owns 9,309 shares of the company's stock worth $206,000 after purchasing an additional 716 shares during the period. PFG Investments LLC boosted its position in shares of Rigetti Computing by 417.3% in the 4th quarter. PFG Investments LLC now owns 55,615 shares of the company's stock valued at $1,232,000 after purchasing an additional 44,865 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in Rigetti Computing by 52.1% in the 4th quarter. Farther Finance Advisors LLC now owns 14,347 shares of the company's stock worth $318,000 after purchasing an additional 4,912 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Mizuho cut 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. TD Cowen cut Rigetti Computing from a "buy" rating to a "hold" rating in a research report on Thursday, February 12th. Needham & Company LLC cut their target price on Rigetti Computing from $51.00 to $31.00 and set a "buy" rating for the company in a research note on Thursday, March 5th. Wedbush raised their target price on Rigetti Computing from $35.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 21st. Finally, Benchmark decreased their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, March 20th. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.64.

Rigetti Computing Stock Down 1.3%

Shares of RGTI opened at $19.38 on Tuesday. The company has a 50-day moving average price of $16.09 and a two-hundred day moving average price of $24.67. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of -28.84 and a beta of 1.82. Rigetti Computing, Inc. has a 12 month low of $8.13 and a 12 month high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.87 million for 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 firm's quarterly revenue was down 17.9% on a year-over-year basis. Equities research analysts expect that Rigetti Computing, Inc. will post -0.17 EPS for the current fiscal year.

About Rigetti Computing

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.

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