CloudAlpha Capital Management Limited Hong Kong Buys Shares of 81,000 Rigetti Computing, Inc. $RGTI

CloudAlpha Capital Management Limited Hong Kong bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, HoldingsChannel reports. The fund bought 81,000 shares of the company’s stock, valued at approximately $1,794,000.

Other large investors also recently made changes to their positions in the company. Penserra Capital Management LLC boosted its position in shares of Rigetti Computing by 43.8% during the third quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock worth $72,860,000 after buying an additional 744,577 shares during the period. Clear Street Group Inc. acquired a new position in shares of Rigetti Computing during the third quarter valued at approximately $47,752,000. J. Safra Sarasin Holding AG acquired a new position in shares of Rigetti Computing during the third quarter valued at approximately $2,576,000. Federated Hermes Inc. raised its holdings in Rigetti Computing by 6,219.1% during the third quarter. Federated Hermes Inc. now owns 100,853 shares of the company’s stock worth $3,004,000 after purchasing an additional 99,257 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd raised its holdings in Rigetti Computing by 222.3% during the third quarter. Y Intercept Hong Kong Ltd now owns 630,655 shares of the company’s stock worth $18,787,000 after purchasing an additional 434,989 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on RGTI. Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Wedbush raised their target price on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Finally, Mizuho lowered their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Trading Down 4.0%

RGTI opened at $15.96 on Wednesday. The stock has a market cap of $5.30 billion, a price-to-earnings ratio of -18.34 and a beta of 1.79. Rigetti Computing, Inc. has a 1 year low of $10.30 and a 1 year high of $58.15. The stock has a fifty day moving average price of $16.54 and a 200 day moving average price of $21.18.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. During the same period in the prior year, the firm posted ($0.05) EPS. The business’s revenue was up 198.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 36,719 shares of the business’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 $643,316.88. Following the completion of the sale, the chief technology officer owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 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 $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.60% 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.