Eurizon Capital SGR S.p.A. Buys New Stake in Rigetti Computing, Inc. $RGTI

Key Points

• Eurizon Capital SGR disclosed a new fourth-quarter stake in Rigetti Computing, buying 222,893 shares worth about $4.94 million. The position represented 0.07% of the company at the end of the reporting period.
• Several analysts trimmed price targets on RGTI, but the stock still carries a “Moderate Buy” consensus with a target price of $29.18. Overall, eight analysts rate it Buy, four Hold, and one Sell.
• Rigetti insiders have been selling shares recently, including CTO David Rivas, who sold 499,328 shares in late May. The company also reported a recent quarterly earnings beat and 198.9% revenue growth year over year.

Eurizon Capital SGR S.p.A. bought a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 222,893 shares of the company's stock, valued at approximately $4,937,000. Eurizon Capital SGR S.p.A. owned 0.07% of Rigetti Computing at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its position in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock valued at $27,000 after acquiring an additional 707 shares during the period. Tsfg LLC increased its position in Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company's stock valued at $29,000 after acquiring an additional 1,000 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Rigetti Computing by 180.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company's stock valued at $30,000 after acquiring an additional 858 shares during the period. Danske Bank A S acquired a new stake in Rigetti Computing in the 3rd quarter valued at approximately $30,000. Finally, Parallel Advisors LLC increased its position in Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company's stock valued at $32,000 after acquiring an additional 871 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on RGTI shares. Mizuho decreased their price target on Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating for the company in a research note on Tuesday, May 12th. Benchmark decreased their price target on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating for the company in a research note on Friday, March 20th. Needham & Company LLC reaffirmed a "buy" rating and set a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Northland Securities started coverage on Rigetti Computing in a research note on Monday, April 20th. They set a "market perform" rating and a $20.00 price target for the company. Finally, TD Cowen lowered Rigetti Computing from a "buy" rating to a "hold" rating in a research note on Thursday, February 12th. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.18.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 499,328 shares of the firm's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the sale, the chief technology officer directly owned 325,945 shares of the company's stock, valued at $8,279,003. This trade represents a 60.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the sale, the chief financial officer owned 171,927 shares of the company's stock, valued at $3,945,724.65. The trade was a 2.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 562,758 shares of company stock valued at $13,916,267. Corporate insiders own 1.60% of the company's stock.

Rigetti Computing Stock Up 0.4%

RGTI opened at $25.63 on Tuesday. The firm has a market cap of $8.52 billion, a PE ratio of -29.46 and a beta of 1.88. The business has a fifty day simple moving average of $17.99 and a 200-day simple moving average of $20.39. Rigetti Computing, Inc. has a fifty-two week low of $10.30 and a fifty-two week high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data 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 business had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company's revenue was up 198.9% compared to the same quarter last year. During the same period last year, the company posted ($0.05) EPS. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.19 EPS for the current fiscal year.

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.

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