Hsbc Holdings PLC Invests $1.02 Million in Rigetti Computing, Inc. $RGTI

Key Points

• HSBC Holdings purchased 74,695 Rigetti Computing shares worth approximately $1.02 million in the first quarter. Institutional investors and hedge funds collectively own 35.38% of RGTI.
• Analysts maintain a generally positive outlook, with seven Buy, four Hold and one Sell rating, resulting in a “Moderate Buy” consensus and an average price target of $32.00.
• Rigetti’s shares opened at $14.52 after a 7.2% decline, while insiders sold approximately $17.5 million worth of stock during the past quarter. The company remains unprofitable despite first-quarter revenue rising nearly 199% year over year.

Hsbc Holdings PLC bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 74,695 shares of the company's stock, valued at approximately $1,019,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Danske Bank A S purchased a new stake in Rigetti Computing in the third quarter valued at $30,000. Parallel Advisors LLC raised its stake in shares of Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company's stock valued at $32,000 after buying an additional 871 shares during the last quarter. Heritage Wealth Advisors lifted its holdings in shares of Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock valued at $26,000 after buying an additional 954 shares during the period. Larson Financial Group LLC lifted its holdings in shares of 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 buying an additional 707 shares during the period. Finally, EFG International AG purchased a new stake in shares of Rigetti Computing in the fourth quarter worth about $28,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on the company. Mizuho dropped their target price on Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating on the stock in a report on Tuesday, May 12th. Northland Securities assumed coverage on Rigetti Computing in a research report on Monday, April 20th. They issued a "market perform" rating and a $20.00 price objective on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 target price on shares of Rigetti Computing in a report on Thursday, June 11th. Finally, Wall Street Zen upgraded shares of Rigetti Computing from a "sell" rating to a "hold" rating in a research note on Monday, July 20th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $32.00.

Insider Activity

In related news, Director Ray O. Johnson sold 122,188 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the sale, the director owned 171,273 shares of the company's stock, valued at approximately $3,648,114.90. The trade was a 41.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of the company'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 transaction, the chief technology officer owned 325,945 shares of the company's stock, valued at $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 728,901 shares of company stock worth $17,546,343 in the last quarter. Corporate insiders own 1.60% of the company's stock.

More Rigetti Computing News

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Rigetti announced an expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to build TangleLab, a hybrid quantum-classical supercomputing testbed. Rigetti will provide a 9-qubit Novera system, with construction expected to begin in September and operations targeted for 2027. The project is backed by a $5 million National Science Foundation grant. Rigetti Expands Collaboration with HPE and Pittsburgh Supercomputing Center
• Positive Sentiment: Benchmark initiated coverage of RGTI with a Buy rating and a $25 price target, adding to the bullish analyst view of the quantum-computing sector. Benchmark also argued that multiple hardware platforms could succeed as enterprise adoption expands. Benchmark quantum sector outlook
• Positive Sentiment: Rigetti’s commercial momentum includes sharply higher first-quarter revenue and potential demand for its Novera systems, Cepheus processors and cloud services. Recent research suggests AI and cloud adoption could accelerate the commercialization of quantum computing. Quantum stocks after the AI infrastructure pullback
• Neutral Sentiment: Investor attention is elevated ahead of Rigetti’s upcoming second-quarter results. Investors will focus on Novera revenue, Cepheus-1 adoption, progress toward higher-fidelity systems and whether the company can meet its technology roadmap. Rigetti upcoming Q2 results
• Negative Sentiment: The stock is being affected by a sector-wide retreat after concerns about heavy AI-infrastructure spending, while investors also reassess quantum valuations after sharp recent rallies in comparable companies such as D-Wave Quantum.
• Negative Sentiment: Rigetti remains unprofitable, and its very high valuation relative to current revenue leaves the shares sensitive to delays in commercialization or disappointing quarterly guidance. Reported insider activity also shows selling rather than open-market purchases over the past six months.

Rigetti Computing Stock Down 7.2%

NASDAQ:RGTI opened at $14.52 on Wednesday. Rigetti Computing, Inc. has a 52 week low of $12.53 and a 52 week high of $58.15. The stock's 50-day moving average price is $19.60 and its 200-day moving average price is $18.53. The stock has a market capitalization of $4.83 billion, a PE ratio of -16.69 and a beta of 1.95.

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 analysts' consensus estimates of ($0.05) by $0.01. The company had revenue of $4.40 million during the quarter, compared to analysts' expectations of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.Rigetti Computing's quarterly revenue was up 198.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.05) EPS. Sell-side analysts expect that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

About Rigetti Computing

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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