Caitong International Asset Management Co. Ltd Sells 103,168 Shares of Rigetti Computing, Inc. $RGTI

Key Points

• Caitong International Asset Management Co. Ltd sold 103,168 shares of Rigetti Computing, significantly reducing its stake by 85.1%, leaving it with 18,013 shares valued at $214,000.
• Analysts have set a consensus rating of "Moderate Buy" for Rigetti Computing, with price targets ranging from $18.00 to $35.00.
• Insider trading shows significant activity, with two directors selling a combined 201,295 shares, totaling over $3 million, reflecting a substantial decrease in their ownership.

Caitong International Asset Management Co. Ltd lowered its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 85.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,013 shares of the company's stock after selling 103,168 shares during the period. Caitong International Asset Management Co. Ltd's holdings in Rigetti Computing were worth $214,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. GAMMA Investing LLC grew its stake in Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after buying an additional 3,064 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at approximately $126,000. Janney Montgomery Scott LLC bought a new stake in shares of Rigetti Computing during the 1st quarter worth approximately $206,000. International Assets Investment Management LLC acquired a new stake in shares of Rigetti Computing during the 1st quarter worth approximately $99,000. Finally, Sequoia Financial Advisors LLC boosted its position in shares of Rigetti Computing by 106.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 122,058 shares of the company's stock worth $967,000 after acquiring an additional 63,036 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on RGTI. Needham & Company LLC boosted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. B. Riley lifted their price target on Rigetti Computing from $19.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $28.29.

Insider Activity

In other news, Director Michael S. Clifton sold 75,000 shares of the firm's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the completion of the transaction, the director directly owned 653,766 shares in the company, valued at $12,421,554. This trade represents a 10.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the company's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the sale, the director owned 293,461 shares in the company, valued at $5,869,220. The trade was a 30.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 454,204 shares of company stock worth $10,300,876. 1.90% of the stock is owned by corporate insiders.

Rigetti Computing Price Performance

RGTI opened at $39.60 on Friday. Rigetti Computing, Inc. has a fifty-two week low of $1.06 and a fifty-two week high of $58.15. The company's 50 day moving average price is $28.11 and its two-hundred day moving average price is $17.67. The firm has a market capitalization of $12.84 billion, a price-to-earnings ratio of -52.11 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The company had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

About Rigetti Computing

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.

Want to see what other hedge funds are holding RGTI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.