86,472 Shares in Rigetti Computing, Inc. $RGTI Bought by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG opened a new position in Rigetti by acquiring 86,472 shares in the third quarter, worth about $2.576 million per its Form 13F filing.
• Analyst sentiment skews positive with a MarketBeat consensus of “Moderate Buy” and an average price target of $32.60 (8 Buys, 2 Holds, 1 Sell), and several recent targets raised toward $40.
• Rigetti remains unprofitable—reporting a negative P/E (-17.16), a net margin around -4,741% and quarterly revenue of $1.95 million (down 18.1% YoY)—while trading near $22 with a market cap of about $7.36 billion.

J. Safra Sarasin Holding AG acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 86,472 shares of the company's stock, valued at approximately $2,576,000.

A number of other institutional investors also recently bought and sold shares of the business. IFP Advisors Inc grew its holdings in shares of Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after buying an additional 1,300 shares during the last quarter. Hollencrest Capital Management grew its stake in shares of Rigetti Computing by 458.3% in the 2nd quarter. Hollencrest Capital Management now owns 4,020 shares of the company's stock valued at $48,000 after purchasing an additional 3,300 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Rigetti Computing by 80.8% in the second quarter. PNC Financial Services Group Inc. now owns 4,604 shares of the company's stock valued at $55,000 after purchasing an additional 2,057 shares during the period. Spire Wealth Management increased its holdings in shares of Rigetti Computing by 2,400.0% in the third quarter. Spire Wealth Management now owns 1,875 shares of the company's stock valued at $56,000 after purchasing an additional 1,800 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Rigetti Computing by 88.8% during the second quarter. Geneos Wealth Management Inc. now owns 5,097 shares of the company's stock worth $60,000 after purchasing an additional 2,397 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RGTI has been the topic of several recent research reports. Wedbush boosted their price objective on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an "outperform" rating in a research note on Wednesday, January 21st. Benchmark cut their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a "buy" rating for the company in a report on Tuesday, November 11th. Wall Street Zen raised Rigetti Computing from a "sell" rating to a "hold" rating in a report on Saturday, November 15th. Royal Bank Of Canada downgraded Rigetti Computing to a "hold" rating in a research note on Thursday, January 22nd. Finally, Williams Trading set a $40.00 price target on Rigetti Computing in a research note on Tuesday, November 11th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $32.60.

Rigetti Computing Trading Up 2.5%

Shares of NASDAQ RGTI opened at $22.31 on Wednesday. The company's 50-day moving average price is $24.78 and its 200 day moving average price is $25.60. 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 $7.36 billion, a price-to-earnings ratio of -17.16 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The company had revenue of $1.95 million for the quarter, compared to the consensus estimate of $2.17 million. The company's revenue for the quarter was down 18.1% compared to the same quarter last year. As a group, research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current 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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