Rigetti Computing, Inc. $RGTI Shares Sold by Sanctuary Advisors LLC

Sanctuary Advisors LLC lowered its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI) by 66.9% during the first quarter, HoldingsChannel.com reports. The fund owned 34,421 shares of the company’s stock after selling 69,472 shares during the period. Sanctuary Advisors LLC’s holdings in Rigetti Computing were worth $483,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Heritage Wealth Advisors grew its holdings in shares of Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares during the last quarter. EFG International AG acquired a new position in Rigetti Computing during the 4th quarter valued at approximately $28,000. Tsfg LLC boosted its position in Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Rigetti Computing by 180.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after buying an additional 858 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Rigetti Computing

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Rigetti announced an expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to build TangleLab, a hybrid quantum-classical supercomputing testbed. Rigetti will provide a 9-qubit Novera system, with construction expected to begin in September and operations targeted for 2027. The project is backed by a $5 million National Science Foundation grant. Rigetti Expands Collaboration with HPE and Pittsburgh Supercomputing Center
• Positive Sentiment: Benchmark initiated coverage of RGTI with a Buy rating and a $25 price target, adding to the bullish analyst view of the quantum-computing sector. Benchmark also argued that multiple hardware platforms could succeed as enterprise adoption expands. Benchmark quantum sector outlook
• Positive Sentiment: Rigetti’s commercial momentum includes sharply higher first-quarter revenue and potential demand for its Novera systems, Cepheus processors and cloud services. Recent research suggests AI and cloud adoption could accelerate the commercialization of quantum computing. Quantum stocks after the AI infrastructure pullback
• Neutral Sentiment: Investor attention is elevated ahead of Rigetti’s upcoming second-quarter results. Investors will focus on Novera revenue, Cepheus-1 adoption, progress toward higher-fidelity systems and whether the company can meet its technology roadmap. Rigetti upcoming Q2 results
• Negative Sentiment: The stock is being affected by a sector-wide retreat after concerns about heavy AI-infrastructure spending, while investors also reassess quantum valuations after sharp recent rallies in comparable companies such as D-Wave Quantum.
• Negative Sentiment: Rigetti remains unprofitable, and its very high valuation relative to current revenue leaves the shares sensitive to delays in commercialization or disappointing quarterly guidance. Reported insider activity also shows selling rather than open-market purchases over the past six months.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 122,188 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the sale, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. The trade was a 41.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the sale, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 728,901 shares of company stock valued at $17,546,343. Company insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RGTI. Weiss Ratings raised Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 21st. Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, June 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a report on Tuesday, May 12th. Benchmark initiated coverage on shares of Rigetti Computing in a research report on Monday. They issued a “buy” rating and a $25.00 price objective on the stock. Finally, Mizuho cut their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Seven 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 MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.00.

Rigetti Computing Price Performance

RGTI opened at $14.52 on Wednesday. The stock’s 50 day moving average price is $19.60 and its 200 day moving average price is $18.53. The stock has a market cap of $4.83 billion, a P/E ratio of -16.69 and a beta of 1.95. Rigetti Computing, Inc. has a 12 month low of $12.53 and a 12 month high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The company had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company’s revenue for the quarter was up 198.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) earnings per share. Equities analysts anticipate that Rigetti Computing, Inc. will post -0.22 EPS for the current 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.