Vontobel Holding Ltd. Trims Holdings in Rigetti Computing, Inc. (NASDAQ:RGTI)

Vontobel Holding Ltd. reduced its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 55.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,401 shares of the company’s stock after selling 42,213 shares during the period. Vontobel Holding Ltd.’s holdings in Rigetti Computing were worth $34,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. American Assets Investment Management LLC raised its position in shares of Rigetti Computing by 1,657.8% during the 3rd quarter. American Assets Investment Management LLC now owns 8,789,169 shares of the company’s stock valued at $11,690,000 after acquiring an additional 8,289,169 shares in the last quarter. Penserra Capital Management LLC raised its position in shares of Rigetti Computing by 9.0% during the 3rd quarter. Penserra Capital Management LLC now owns 2,118,751 shares of the company’s stock valued at $2,817,000 after acquiring an additional 174,408 shares in the last quarter. Procyon Advisors LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at approximately $65,000. Gitterman Wealth Management LLC acquired a new stake in shares of Rigetti Computing during the 3rd quarter valued at approximately $27,000. Finally, Orion Portfolio Solutions LLC acquired a new stake in shares of Rigetti Computing during the 3rd quarter valued at approximately $25,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RGTI has been the topic of several research reports. Alliance Global Partners initiated coverage on Rigetti Computing in a research report on Friday, March 1st. They set a “buy” rating and a $3.50 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $3.00 target price on shares of Rigetti Computing in a research report on Friday, March 15th.

Rigetti Computing Price Performance

Shares of NASDAQ RGTI opened at $1.15 on Thursday. Rigetti Computing, Inc. has a 1-year low of $0.36 and a 1-year high of $3.43. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.71 and a quick ratio of 3.71. The business’s fifty day moving average price is $1.58 and its two-hundred day moving average price is $1.28. The firm has a market capitalization of $182.71 million, a PE ratio of -1.98 and a beta of 2.43.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Thursday, March 14th. The company reported ($0.09) earnings per share for the quarter. Rigetti Computing had a negative return on equity of 59.51% and a negative net margin of 625.42%. The company had revenue of $3.38 million during the quarter. On average, research analysts expect that Rigetti Computing, Inc. will post -0.33 EPS for the current year.

Insiders Place Their Bets

In other news, Director Alissa Fitzgerald sold 20,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $1.28, for a total transaction of $25,600.00. Following the transaction, the director now directly owns 140,810 shares of the company’s stock, valued at $180,236.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, General Counsel Richard Danis sold 46,326 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $1.97, for a total transaction of $91,262.22. Following the transaction, the general counsel now directly owns 1,052,141 shares of the company’s stock, valued at $2,072,717.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alissa Fitzgerald sold 20,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $1.28, for a total value of $25,600.00. Following the transaction, the director now directly owns 140,810 shares in the company, valued at $180,236.80. The disclosure for this sale can be found here. Insiders have sold 115,599 shares of company stock valued at $194,030 over the last three months. Company insiders own 2.60% of the company’s stock.

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.