Elevatus Welath Management Makes New $4.28 Million Investment in Rigetti Computing, Inc. $RGTI

Elevatus Welath Management purchased a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 143,818 shares of the company’s stock, valued at approximately $4,284,000. Rigetti Computing comprises approximately 1.2% of Elevatus Welath Management’s holdings, making the stock its 24th biggest holding.

Other hedge funds also recently modified their holdings of the company. Parallel Advisors LLC raised its stake in Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after purchasing an additional 871 shares during the last quarter. Clearstead Advisors LLC acquired a new stake in Rigetti Computing in the 3rd quarter worth $35,000. Fifth Third Bancorp grew its position in Rigetti Computing by 13,960.0% in the 3rd quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock worth $42,000 after purchasing an additional 1,396 shares during the last quarter. Hantz Financial Services Inc. increased its holdings in shares of Rigetti Computing by 194.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,513 shares of the company’s stock worth $45,000 after purchasing an additional 1,000 shares during the period. Finally, Hollencrest Capital Management increased its holdings in shares of Rigetti Computing by 458.3% during the 2nd quarter. Hollencrest Capital Management now owns 4,020 shares of the company’s stock worth $48,000 after purchasing an additional 3,300 shares during the period. 35.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, March 5th. Mizuho cut their price target on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research report on Thursday, January 22nd. Finally, Needham & Company LLC decreased their price objective on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and an average target price of $32.70.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the transaction, the chief financial officer owned 175,609 shares of the company’s stock, valued at $3,076,669.68. This trade represents a 2.37% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock opened at $16.94 on Thursday. The firm’s 50-day simple moving average is $19.93 and its 200-day simple moving average is $25.88. Rigetti Computing, Inc. has a twelve month low of $6.86 and a twelve month high of $58.15. The firm has a market cap of $5.59 billion, a P/E ratio of -24.91 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results 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. The firm had revenue of $1.87 million during the quarter, compared to analyst estimates 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 company’s revenue for the quarter was down 17.9% compared to the same quarter last year. On average, equities analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

About Rigetti Computing

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.