Rigetti Computing, Inc. $RGTI Shares Sold by First Trust Advisors LP

Key Points

• First Trust Advisors LP cut its Rigetti Computing stake by 65.6% in the first quarter, selling 150,661 shares and retaining 79,111 shares worth approximately $1.11 million. Institutional investors and hedge funds own 35.38% of the company.
• Rigetti reported quarterly revenue of $5.14 million and an adjusted loss of $0.05 per share, matching analyst expectations. The stock opened at $17.65, well below its 52-week high of $58.15.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $30.67, although targets range from $18 to $27 among recent updates. Insiders sold 728,901 shares worth $17.5 million over the past three months.

First Trust Advisors LP reduced its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 65.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 79,111 shares of the company's stock after selling 150,661 shares during the quarter. First Trust Advisors LP's holdings in Rigetti Computing were worth $1,111,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Heritage Wealth Advisors lifted its stake 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 purchasing an additional 954 shares during the period. Larson Financial Group LLC grew its position in Rigetti Computing by 138.4% during the fourth 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. EFG International AG acquired a new stake in Rigetti Computing during the fourth quarter valued at $28,000. PeakShares LLC purchased a new position in Rigetti Computing in the first quarter valued at $28,000. Finally, Tsfg LLC increased its holdings in Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company's stock valued at $29,000 after buying an additional 1,000 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $17.65 on Tuesday. The company has a fifty day moving average of $18.12 and a two-hundred day moving average of $17.96. The stock has a market capitalization of $5.87 billion, a PE ratio of -19.61 and a beta of 1.99. Rigetti Computing, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $58.15.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The business had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.82%. Research analysts forecast that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on RGTI shares. Jefferies Financial Group reiterated a "hold" rating and issued a $18.00 price objective on shares of Rigetti Computing in a research report on Friday. Benchmark began coverage on Rigetti Computing in a research note on Monday, July 27th. They issued a "buy" rating and a $25.00 price target for the company. Wall Street Zen lowered Rigetti Computing from a "hold" rating to a "sell" rating in a research note on Saturday. Mizuho reduced their price target on Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating for the company in a report on Tuesday, May 12th. Finally, Northland Securities started coverage on Rigetti Computing in a research report on Monday, April 20th. They set a "market perform" rating and a $20.00 price target on the stock. 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $30.67.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction that occurred 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 owned 171,927 shares of the company's stock, valued at $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief technology officer owned 325,945 shares in the company, valued at approximately $8,279,003. This trade represents a 60.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is owned by corporate insiders.

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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