Caitong International Asset Management Co. Ltd Buys Shares of 121,181 Rigetti Computing, Inc. (NASDAQ:RGTI)

Caitong International Asset Management Co. Ltd bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 121,181 shares of the company's stock, valued at approximately $960,000. Rigetti Computing accounts for 0.7% of Caitong International Asset Management Co. Ltd's investment portfolio, making the stock its 18th largest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RGTI. GAMMA Investing LLC raised its holdings in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after purchasing an additional 3,064 shares in the last quarter. Center for Financial Planning Inc. bought a new stake in shares of Rigetti Computing in the 1st quarter worth approximately $30,000. Park Square Financial Group LLC bought a new stake in shares of Rigetti Computing in the 1st quarter worth approximately $40,000. Orion Capital Management LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $46,000. Finally, US Bancorp DE raised its holdings in shares of Rigetti Computing by 29.4% in the 1st quarter. US Bancorp DE now owns 6,248 shares of the company's stock worth $49,000 after purchasing an additional 1,420 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Stock Up 1.4%

RGTI stock opened at $16.20 on Wednesday. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of -23.14 and a beta of 1.44. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month high of $21.42. The firm has a 50 day moving average of $13.48 and a two-hundred day moving average of $11.40.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative net margin of 1,541.36% and a negative return on equity of 47.63%. On average, research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on RGTI shares. Benchmark reiterated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Needham & Company LLC boosted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. B. Riley lifted their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has a consensus rating of "Buy" and an average price target of $16.00.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 40,420 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the sale, the director directly owned 419,756 shares of the company's stock, valued at $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 25,000 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the sale, the director directly owned 853,766 shares of the company's stock, valued at approximately $12,806,490. This represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.

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