Van ECK Associates Corp Acquires 434,995 Shares of Rigetti Computing, Inc. $RGTI

Key Points

• VanEck Associates Corp boosted its Rigetti stake by 384.2% in Q3, buying an additional 434,995 shares to hold 548,217 shares (about 0.17% of the company) worth $16.33 million.
• Shares traded up 3.4% to $16.61 after the company reported an EPS of -$0.03 (beating estimates) but revenue fell 17.9% year‑over‑year and margins remain deeply negative; analysts give a consensus "Moderate Buy" with an average price target of $32.70.
• Company insiders sold stock on March 10 (CTO David Rivas sold 36,719 shares and CFO Jeffrey Bertelsen sold 4,270 shares), reducing insider ownership to about 1.90%.

Van ECK Associates Corp grew its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 384.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 548,217 shares of the company's stock after purchasing an additional 434,995 shares during the quarter. Van ECK Associates Corp owned about 0.17% of Rigetti Computing worth $16,331,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RGTI. Rothschild Investment LLC lifted its position in Rigetti Computing by 26.1% during the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company's stock worth $50,000 after buying an additional 345 shares in the last quarter. Trust Co. of Toledo NA OH increased its position in Rigetti Computing by 1.7% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company's stock valued at $631,000 after acquiring an additional 357 shares in the last quarter. Prospera Financial Services Inc increased its position in Rigetti Computing by 1.0% in the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company's stock valued at $1,245,000 after acquiring an additional 419 shares in the last quarter. MAI Capital Management raised its stake in shares of 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 during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Rigetti Computing by 25.6% during the third quarter. GAMMA Investing LLC now owns 2,878 shares of the company's stock worth $86,000 after purchasing an additional 587 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Trading Up 3.4%

Shares of RGTI traded up $0.54 on Friday, reaching $16.61. 11,526,054 shares of the company's stock were exchanged, compared to its average volume of 30,620,270. The business has a 50 day moving average price of $19.81 and a two-hundred day moving average price of $25.81. Rigetti Computing, Inc. has a 12 month low of $6.86 and a 12 month high of $58.15. The stock has a market capitalization of $5.48 billion, a P/E ratio of -24.36 and a beta of 1.71.

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, beating analysts' consensus estimates of ($0.05) by $0.02. The firm had revenue of $1.87 million for the quarter, compared to analysts' expectations of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The firm's revenue was down 17.9% on a year-over-year basis. Equities research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on RGTI shares. Royal Bank Of Canada cut shares of Rigetti Computing to a "hold" rating in a research note on Thursday, January 22nd. Wedbush upped their price objective on Rigetti Computing from $35.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday, January 21st. Jefferies Financial Group started coverage on Rigetti Computing in a research report on Tuesday, December 16th. They issued a "hold" rating and a $30.00 price objective on the stock. B. Riley Financial raised Rigetti Computing from a "neutral" rating to a "buy" rating and set a $35.00 target price for the company in a research note on Thursday, January 22nd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Rigetti Computing in a research report on Monday, December 29th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $32.70.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the sale, the chief technology officer directly owned 651,914 shares of the company's stock, valued at $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company's stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the sale, the chief financial officer owned 175,609 shares of the company's stock, valued at $3,076,669.68. This represents a 2.37% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company 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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