Rigetti Computing, Inc. $RGTI Stock Holdings Lowered by Caitong International Asset Management Co. Ltd

Key Points

• Caitong International Asset Management slashed its Rigetti Computing stake by 95% in the fourth quarter, leaving it with 5,729 shares worth about $127,000.
• Rigetti reported better-than-expected quarterly results, with an EPS loss of $0.04 versus estimates of $0.05 loss and revenue of $4.4 million, up 198.9% year over year.
• Despite mixed insider and investor activity, analysts remain cautiously positive: the stock has a Moderate Buy consensus rating with an average price target of $29.18.

Caitong International Asset Management Co. Ltd cut its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 95.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,729 shares of the company's stock after selling 108,923 shares during the period. Caitong International Asset Management Co. Ltd's holdings in Rigetti Computing were worth $127,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of Rigetti Computing by 106.2% in the first quarter. Royal Bank of Canada now owns 220,701 shares of the company's stock valued at $1,748,000 after buying an additional 113,644 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Rigetti Computing by 138.9% during the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company's stock worth $642,000 after purchasing an additional 47,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Rigetti Computing by 25.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company's stock worth $890,000 after purchasing an additional 22,770 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Rigetti Computing by 197.8% during the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company's stock valued at $203,000 after purchasing an additional 16,998 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at $3,115,000. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Stock Performance

RGTI stock opened at $21.38 on Tuesday. The firm has a 50 day simple moving average of $20.21 and a 200 day simple moving average of $20.03. Rigetti Computing, Inc. has a 52 week low of $10.30 and a 52 week high of $58.15. The stock has a market cap of $7.11 billion, a P/E ratio of -24.57 and a beta of 1.88.

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

Analysts Set New Price Targets

RGTI has been the topic of a number of analyst reports. Benchmark dropped their price target on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, March 20th. Mizuho reduced their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating for the company in a research note on Tuesday, May 12th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Rosenblatt Securities reissued a "buy" rating and issued a $40.00 target price on shares of Rigetti Computing in a research report on Thursday, June 11th. Finally, Needham & Company LLC restated a "buy" rating and set a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.18.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 122,188 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $21.30, for a total value of $2,602,604.40. Following the transaction, the director directly owned 171,273 shares of the company's stock, valued at $3,648,114.90. This represents a 41.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction dated 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 sale, the chief technology officer owned 325,945 shares of the company's stock, valued at approximately $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. Over the last ninety days, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is owned by 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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