Sanctuary Advisors LLC Buys 66,312 Shares of Rigetti Computing, Inc. $RGTI

Key Points

• Sanctuary Advisors LLC boosted its stake in Rigetti by 176.5% in Q4, buying an additional 66,312 shares to hold 103,893 shares valued at about $2.30 million.
• Rigetti shares recently traded around $17.48 with a 52-week range of $9.14–$58.15 and a market cap of $5.81 billion; analysts have a consensus rating of Moderate Buy and a consensus target of $30.64.
• In the latest quarter Rigetti reported EPS of −$0.03, beating estimates while revenue fell 17.9% to $1.87 million, and insiders (including the CTO and CFO) sold shares, modestly reducing their ownership.

Sanctuary Advisors LLC boosted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 176.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,893 shares of the company's stock after purchasing an additional 66,312 shares during the quarter. Sanctuary Advisors LLC's holdings in Rigetti Computing were worth $2,301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the business. Rothschild Investment LLC boosted its holdings in Rigetti Computing by 26.1% in the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company's stock worth $50,000 after acquiring an additional 345 shares in the last quarter. Prospera Financial Services Inc boosted its holdings in Rigetti Computing by 1.0% in the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company's stock worth $1,245,000 after acquiring an additional 419 shares in the last quarter. MAI Capital Management boosted its holdings in Rigetti Computing by 17.7% in the third quarter. MAI Capital Management now owns 3,763 shares of the company's stock worth $112,000 after acquiring an additional 566 shares in the last quarter. Huntington National Bank boosted its holdings in Rigetti Computing by 60.6% in the third quarter. Huntington National Bank now owns 1,688 shares of the company's stock worth $50,000 after acquiring an additional 637 shares in the last quarter. Finally, Fourth Dimension Wealth LLC boosted its holdings in Rigetti Computing by 50.8% in the third quarter. Fourth Dimension Wealth LLC now owns 1,900 shares of the company's stock worth $57,000 after acquiring an additional 640 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Stock Up 0.2%

Shares of NASDAQ:RGTI opened at $17.48 on Friday. Rigetti Computing, Inc. has a 52-week low of $9.14 and a 52-week high of $58.15. The stock has a market cap of $5.81 billion, a price-to-earnings ratio of -25.71 and a beta of 1.79. The business has a 50-day moving average price of $16.25 and a 200-day moving average price of $23.25.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm had revenue of $1.87 million during the quarter, compared to analysts' expectations of $2.33 million. Rigetti Computing's revenue was down 17.9% on a year-over-year basis. As a group, equities analysts anticipate that Rigetti Computing, Inc. will post -0.16 EPS for the current fiscal year.

Analysts Set New Price Targets

RGTI has been the subject of several recent analyst reports. Rosenblatt Securities reissued a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a report on Thursday, March 5th. 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. TD Cowen downgraded Rigetti Computing from a "buy" rating to a "hold" rating in a report on Thursday, February 12th. Wall Street Zen downgraded Rigetti Computing from a "hold" rating to a "sell" rating in a report on Sunday, April 26th. Finally, Needham & Company LLC lowered their price target on Rigetti Computing from $51.00 to $31.00 and set a "buy" rating for the company in a report on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.64.

Insider Activity

In other news, CTO David Rivas sold 36,719 shares of the firm's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares in the company, 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 document filed with the SEC, which is available through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares of the company's stock, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company's stock.

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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