Bank of New York Mellon Corp Acquires 96,099 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Bank of New York Mellon Corp grew its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 27.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 446,692 shares of the company’s stock after purchasing an additional 96,099 shares during the quarter. Bank of New York Mellon Corp owned about 0.23% of Rigetti Computing worth $6,817,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Spire Wealth Management bought a new position in shares of Rigetti Computing during the 4th quarter valued at $46,000. Activest Wealth Management bought a new position in shares of Rigetti Computing during the 4th quarter valued at $52,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Rigetti Computing during the 4th quarter valued at $76,000. Masso Torrence Wealth Management Inc. bought a new position in shares of Rigetti Computing during the 4th quarter valued at $153,000. Finally, Nova R Wealth Inc. bought a new position in shares of Rigetti Computing during the 4th quarter valued at $153,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $11.22 on Friday. The firm’s 50-day moving average is $11.11 and its 200-day moving average is $6.16. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a market cap of $2.16 billion, a price-to-earnings ratio of -29.53 and a beta of 1.37.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the previous year, the firm posted ($0.04) EPS. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.81% of the stock is owned by company insiders.

Analyst Ratings Changes

RGTI has been the topic of several recent analyst reports. Benchmark reiterated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley lifted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $14.50.

Rigetti Computing Company 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.