Sanctuary Advisors LLC Increases Stake in Rigetti Computing, Inc. $RGTI

Sanctuary Advisors LLC boosted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 176.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 103,893 shares of the company’s stock after acquiring an additional 66,312 shares during the quarter. Sanctuary Advisors LLC’s holdings in Rigetti Computing were worth $2,301,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Rothschild Investment LLC raised its position in Rigetti Computing by 26.1% during the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after acquiring an additional 345 shares in the last quarter. Prospera Financial Services Inc raised its position in Rigetti Computing by 1.0% during the third 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 position in Rigetti Computing by 17.7% during the third quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after acquiring an additional 566 shares in the last quarter. Huntington National Bank raised its position in Rigetti Computing by 60.6% during the third quarter. Huntington National Bank now owns 1,688 shares of the company’s stock valued at $50,000 after acquiring an additional 637 shares in the last quarter. Finally, Fourth Dimension Wealth LLC raised its position in Rigetti Computing by 50.8% during the third quarter. Fourth Dimension Wealth LLC now owns 1,900 shares of the company’s stock valued at $57,000 after acquiring an additional 640 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $17.48 on Friday. The stock has a market capitalization of $5.81 billion, a PE ratio of -25.71 and a beta of 1.79. Rigetti Computing, Inc. has a 12 month low of $9.14 and a 12 month high of $58.15. The business has a 50 day simple moving average of $16.25 and a 200-day simple moving average of $23.25.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $1.87 million during the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.Rigetti Computing’s revenue for the quarter was down 17.9% compared to the same quarter last year. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.16 EPS for the current fiscal year.

Analyst Ratings Changes

RGTI has been the subject of several recent research reports. Needham & Company LLC reduced their price target on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Benchmark cut their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Sunday, April 26th. Wedbush boosted their price objective on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Finally, Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Rigetti Computing currently has a consensus rating of “Moderate Buy” and an average price target of $30.64.

Insider Buying and Selling

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing 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 sale, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO David Rivas sold 36,719 shares of Rigetti Computing 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 sale, the chief technology officer directly owned 651,914 shares in the company, valued at $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.90% of the company’s stock.

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.