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

Royal Bank of Canada cut its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 12.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 224,681 shares of the company’s stock after selling 30,840 shares during the quarter. Royal Bank of Canada owned approximately 0.07% of Rigetti Computing worth $3,155,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RGTI. Danske Bank A S purchased a new stake in Rigetti Computing in the third quarter worth approximately $30,000. Parallel Advisors LLC raised its stake in shares of Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after acquiring an additional 871 shares in the last quarter. Heritage Wealth Advisors raised its stake 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 worth $26,000 after acquiring an additional 954 shares in 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 acquiring an additional 707 shares during the last quarter. Finally, EFG International AG bought a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $28,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Rigetti Computing

In related news, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.40, for a total value 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the transaction, the chief financial officer owned 171,927 shares in the company, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 728,901 shares of company stock worth $17,546,343. Company insiders own 1.60% of the company’s stock.

Rigetti Computing Stock Up 1.1%

Shares of NASDAQ RGTI opened at $18.82 on Friday. The firm’s fifty day moving average is $17.68 and its 200 day moving average is $17.84. Rigetti Computing, Inc. has a 52 week low of $12.53 and a 52 week high of $58.15. The company has a market cap of $6.26 billion, a price-to-earnings ratio of -20.91 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The business had revenue of $5.14 million during the quarter, compared to analysts’ expectations of $5.09 million. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Analyst Ratings Changes

RGTI has been the subject of a number of research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Friday, August 7th. Jefferies Financial Group reiterated a “hold” rating and issued a $18.00 target price on shares of Rigetti Computing in a research report on Friday, August 7th. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings lowered shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. Finally, Northland Securities started coverage on Rigetti Computing in a research note on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective on the stock. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and a consensus target price of $30.67.

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.