J. Safra Sarasin Holding AG Acquires New Stake in Rigetti Computing, Inc. $RGTI

J. Safra Sarasin Holding AG acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the third quarter, HoldingsChannel reports. The firm acquired 86,472 shares of the company’s stock, valued at approximately $2,576,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RGTI. IFP Advisors Inc boosted its stake in shares of Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after purchasing an additional 1,300 shares during the last quarter. Hollencrest Capital Management lifted its stake in shares of Rigetti Computing by 458.3% during the second quarter. Hollencrest Capital Management now owns 4,020 shares of the company’s stock valued at $48,000 after buying an additional 3,300 shares during the period. PNC Financial Services Group Inc. boosted its position in Rigetti Computing by 80.8% during the second quarter. PNC Financial Services Group Inc. now owns 4,604 shares of the company’s stock worth $55,000 after acquiring an additional 2,057 shares during the last quarter. Spire Wealth Management grew its stake in Rigetti Computing by 2,400.0% in the 3rd quarter. Spire Wealth Management now owns 1,875 shares of the company’s stock worth $56,000 after acquiring an additional 1,800 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in Rigetti Computing by 88.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 5,097 shares of the company’s stock worth $60,000 after acquiring an additional 2,397 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Stock Up 2.5%

Shares of RGTI stock opened at $22.31 on Wednesday. Rigetti Computing, Inc. has a fifty-two week low of $6.86 and a fifty-two week high of $58.15. The firm’s 50 day moving average price is $24.78 and its two-hundred day moving average price is $25.60. The stock has a market cap of $7.36 billion, a price-to-earnings ratio of -17.16 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business had revenue of $1.95 million for the quarter, compared to the consensus estimate of $2.17 million. The business’s quarterly revenue was down 18.1% on a year-over-year basis. On average, equities analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RGTI has been the topic of a number of recent analyst reports. Williams Trading set a $40.00 price target on Rigetti Computing in a research note on Tuesday, November 11th. Royal Bank Of Canada cut Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Mizuho started coverage on shares of Rigetti Computing in a report on Thursday, December 11th. They set an “outperform” rating and a $50.00 price objective on the stock. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $32.60.

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.