American Assets Investment Management LLC Sells 726,949 Shares of Rigetti Computing, Inc. $RGTI

Key Points

• American Assets Investment Management cut its Rigetti Computing stake by 30.7% in the fourth quarter, selling 726,949 shares and leaving it with 1,639,800 shares valued at about $36.3 million.
• Institutional interest remains active, with several firms increasing positions in the first quarter; hedge funds and other institutions now own about 35.38% of Rigetti’s stock.
• Analysts are mixed but generally constructive: the consensus rating is Moderate Buy with an average target price of $30.64, while Rigetti recently reported a smaller-than-expected loss of $0.03 per share on revenue of $1.87 million.

American Assets Investment Management LLC trimmed its position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 30.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,639,800 shares of the company's stock after selling 726,949 shares during the period. Rigetti Computing comprises about 1.2% of American Assets Investment Management LLC's portfolio, making the stock its 10th largest holding. American Assets Investment Management LLC owned approximately 0.50% of Rigetti Computing worth $36,322,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of RGTI. Royal Bank of Canada lifted its stake in Rigetti Computing by 106.2% in the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company's stock worth $1,748,000 after purchasing an additional 113,644 shares in the last quarter. AQR Capital Management LLC lifted its stake in Rigetti Computing by 138.9% in the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company's stock worth $642,000 after purchasing an additional 47,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Rigetti Computing by 25.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company's stock worth $890,000 after purchasing an additional 22,770 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Rigetti Computing by 197.8% in the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company's stock worth $203,000 after purchasing an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in Rigetti Computing in the 1st quarter worth approximately $3,115,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of research reports. B. Riley Financial raised shares of Rigetti Computing from a "neutral" rating to a "buy" rating and set a $35.00 target price on the stock in a research note on Thursday, January 22nd. Needham & Company LLC decreased their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a "buy" rating on the stock in a research note on Thursday, March 5th. Wall Street Zen lowered shares of Rigetti Computing from a "hold" rating to a "sell" rating in a research note on Sunday, April 26th. Wedbush lifted their price target on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada lowered shares of Rigetti Computing to a "hold" rating in a research report on Thursday, January 22nd. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.64.

Rigetti Computing Stock Up 3.3%

Shares of NASDAQ RGTI opened at $18.94 on Friday. The firm has a market cap of $6.29 billion, a price-to-earnings ratio of -27.85 and a beta of 1.79. Rigetti Computing, Inc. has a 52-week low of $9.85 and a 52-week high of $58.15. The business's 50 day moving average is $16.41 and its two-hundred day moving average is $22.36.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company's revenue was down 17.9% on a year-over-year basis. Analysts anticipate that Rigetti Computing, Inc. will post -0.16 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the business's stock in a transaction 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 completion of the transaction, the chief technology officer owned 651,914 shares in the company, valued at $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the business's stock in a transaction 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 of the company's stock, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.60% of the company's stock.

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.

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