Caitong International Asset Management Co. Ltd Sells 103,168 Shares of Rigetti Computing, Inc. $RGTI

Caitong International Asset Management Co. Ltd decreased its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 85.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,013 shares of the company’s stock after selling 103,168 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in Rigetti Computing were worth $214,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company’s stock worth $112,283,000 after buying an additional 2,430,758 shares in the last quarter. UNICOM Systems Inc. lifted its position in shares of Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock valued at $30,151,000 after acquiring an additional 3,521,935 shares during the period. Penserra Capital Management LLC boosted its stake in Rigetti Computing by 41.0% during the first quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company’s stock worth $17,548,000 after acquiring an additional 644,455 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Rigetti Computing by 40.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company’s stock worth $14,798,000 after purchasing an additional 538,792 shares during the period. Finally, Northern Trust Corp grew its holdings in Rigetti Computing by 29.3% in the first quarter. Northern Trust Corp now owns 1,716,562 shares of the company’s stock worth $13,595,000 after purchasing an additional 388,479 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Stock Up 9.8%

Shares of NASDAQ:RGTI opened at $39.60 on Friday. The business’s 50 day moving average is $28.11 and its 200 day moving average is $17.67. Rigetti Computing, Inc. has a 12-month low of $1.06 and a 12-month high of $58.15. The stock has a market cap of $12.84 billion, a price-to-earnings ratio of -52.11 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The business had revenue of $1.80 million for the quarter, compared to analysts’ expectations of $1.87 million. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 75,000 shares of the company’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the transaction, the director owned 653,766 shares in the company, valued at $12,421,554. This represents a 10.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the sale, the director owned 14,902 shares in the company, valued at $290,589. The trade was a 87.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 454,204 shares of company stock valued at $10,300,876 over the last quarter. Corporate insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on RGTI. B. Riley upped their price objective on shares of Rigetti Computing from $19.00 to $35.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Benchmark increased their price target on Rigetti Computing from $20.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, Cantor Fitzgerald started coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.29.

Rigetti Computing Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.