CloudAlpha Capital Management Limited Hong Kong Takes $1.79 Million Position in Rigetti Computing, Inc. $RGTI

Key Points

• CloudAlpha Capital Management disclosed a new position in Rigetti Computing, buying 81,000 shares valued at about $1.79 million in the fourth quarter.
• Rigetti reported better-than-expected Q1 earnings, with EPS of -$0.04 versus estimates of -$0.05 and revenue of $4.4 million, up 198.9% year over year.
• Analyst sentiment remains positive overall, with 8 Buy ratings and a consensus Moderate Buy rating, though the average price target has recently been trimmed to $29.18.

CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 81,000 shares of the company's stock, valued at approximately $1,794,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Penserra Capital Management LLC lifted its holdings in Rigetti Computing by 43.8% in the 3rd quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company's stock worth $72,860,000 after buying an additional 744,577 shares in the last quarter. Clear Street Group Inc. acquired a new stake in shares of Rigetti Computing during the third quarter valued at about $47,752,000. J. Safra Sarasin Holding AG acquired a new stake in shares of Rigetti Computing during the third quarter valued at about $2,576,000. Federated Hermes Inc. increased its position in shares of Rigetti Computing by 6,219.1% during the third quarter. Federated Hermes Inc. now owns 100,853 shares of the company's stock worth $3,004,000 after acquiring an additional 99,257 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its position in shares of Rigetti Computing by 222.3% during the third quarter. Y Intercept Hong Kong Ltd now owns 630,655 shares of the company's stock worth $18,787,000 after acquiring an additional 434,989 shares during the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $15.96 on Wednesday. The company has a market cap of $5.30 billion, a PE ratio of -18.34 and a beta of 1.79. The company has a fifty day moving average price of $16.54 and a two-hundred day moving average price of $21.18. Rigetti Computing, Inc. has a 12 month low of $10.30 and a 12 month high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The company had revenue of $4.40 million for the quarter, compared to analysts' expectations of $4.09 million. During the same period in the prior year, the company earned ($0.05) earnings per share. The firm's revenue was up 198.9% compared to the same quarter last year. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.19 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. B. Riley Financial raised Rigetti Computing from a "neutral" rating to a "buy" rating and set a $35.00 price target for the company in a report on Thursday, January 22nd. Mizuho dropped their price objective on Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating on the stock in a report on Tuesday, May 12th. Wedbush upped their target price on Rigetti Computing from $35.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, January 21st. Needham & Company LLC reiterated a "buy" rating and set a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Finally, Benchmark decreased their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, March 20th. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $29.18.

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the firm's stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the transaction, the chief technology officer owned 651,914 shares of the company's stock, valued at $11,421,533.28. This trade represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the sale, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by corporate insiders.

Rigetti Computing Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.