Caitong International Asset Management Co. Ltd Reduces Stake in Rigetti Computing, Inc. $RGTI

Key Points

• Caitong International Asset Management sharply reduced its Rigetti Computing stake by 96.7% in the fourth quarter, leaving it with just 3,810 shares worth about $84,000.
• Despite some selling by one fund, institutional ownership remains significant and several major investors, including Vanguard and UBS, increased or initiated positions in RGTI.
• Analyst sentiment is mixed but generally positive: Rigetti has a “Moderate Buy” consensus and an average price target of $29.18, while recent insider sales from the CTO and CFO added to investor attention.

Caitong International Asset Management Co. Ltd trimmed its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 96.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,810 shares of the company's stock after selling 110,842 shares during the quarter. Caitong International Asset Management Co. Ltd's holdings in Rigetti Computing were worth $84,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RGTI. Vanguard Group Inc. raised its stake in Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company's stock valued at $954,665,000 after acquiring an additional 9,228,888 shares during the period. Ameriprise Financial Inc. bought a new stake in Rigetti Computing in the 2nd quarter valued at about $21,887,000. Norges Bank bought a new stake in Rigetti Computing in the 4th quarter valued at about $38,889,000. Clear Street Group Inc. bought a new stake in Rigetti Computing in the 3rd quarter valued at about $47,752,000. Finally, UBS Group AG raised its stake in Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company's stock valued at $91,788,000 after acquiring an additional 1,467,483 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RGTI has been the topic of a number of research reports. Northland Securities initiated coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a "market perform" rating and a $20.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Weiss Ratings restated a "sell (e+)" rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Rosenblatt Securities restated a "buy" rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday. Finally, Wall Street Zen upgraded Rigetti Computing from a "sell" rating to a "hold" rating in a research note on Saturday, May 23rd. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Rigetti Computing currently has an average rating of "Moderate Buy" and an average price target of $29.18.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 499,328 shares of the company's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer owned 325,945 shares of the company's stock, valued at approximately $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the transaction, the chief financial officer directly owned 171,927 shares in the company, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 643,957 shares of company stock valued at $15,800,744. 1.60% of the stock is currently owned by company insiders.

Rigetti Computing Stock Performance

Rigetti Computing stock opened at $20.98 on Friday. The stock has a market cap of $6.97 billion, a P/E ratio of -24.11 and a beta of 1.88. Rigetti Computing, Inc. has a fifty-two week low of $10.30 and a fifty-two week high of $58.15. The firm's fifty day moving average price is $19.36 and its 200-day moving average price is $20.23.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $4.40 million for the quarter, compared to analysts' expectations of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The business's quarterly revenue was up 198.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. Sell-side analysts predict that Rigetti Computing, Inc. will post -0.22 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.

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