Royal Bank of Canada Lowers Position in Rigetti Computing, Inc. $RGTI

Royal Bank of Canada decreased its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 12.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 224,681 shares of the company’s stock after selling 30,840 shares during the period. Royal Bank of Canada’s holdings in Rigetti Computing were worth $3,155,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in RGTI. Clear Street Group Inc. raised its holdings in Rigetti Computing by 71.1% in the fourth quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock worth $60,761,000 after purchasing an additional 1,140,183 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Rigetti Computing by 105.3% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock valued at $1,733,000 after buying an additional 63,331 shares in the last quarter. Intech Investment Management LLC boosted its holdings in shares of Rigetti Computing by 66.3% during the 4th quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock valued at $2,664,000 after buying an additional 47,935 shares in the last quarter. Spear Advisors LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter worth about $2,062,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Rigetti Computing in the 4th quarter worth about $4,937,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Benchmark started coverage on shares of Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 price target for the company. Weiss Ratings cut shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Northland Securities assumed coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price for the company. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.

Insider Transactions at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the sale, the chief financial officer owned 171,927 shares in the company, valued at $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction of $12,682,931.20. Following the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at $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. Over the last 90 days, insiders have sold 728,901 shares of company stock worth $17,546,343. Corporate insiders own 1.60% of the company’s stock.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $18.82 on Friday. The stock has a market cap of $6.26 billion, a price-to-earnings ratio of -20.91 and a beta of 1.99. The firm’s 50-day moving average is $17.68 and its 200 day moving average is $17.84. Rigetti Computing, Inc. has a 1 year low of $12.53 and a 1 year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. On average, equities analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

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.