5,436 Shares in Rigetti Computing, Inc. (NASDAQ:RGTI) Acquired by Steward Partners Investment Advisory LLC

Steward Partners Investment Advisory LLC bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,436 shares of the company’s stock, valued at approximately $83,000.

A number of other institutional investors and hedge funds have also made changes to their positions in RGTI. Allworth Financial LP grew its stake in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after buying an additional 1,504 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the period. Spire Wealth Management acquired a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $46,000. Jones Financial Companies Lllp purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $50,000. Finally, Activest Wealth Management purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $52,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RGTI. Benchmark reiterated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley lifted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC reissued a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, 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 price objective on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has an average rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $11.16 on Tuesday. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of -29.37 and a beta of 1.36. The company has a 50-day moving average price of $10.94 and a two-hundred day moving average price of $6.27.

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

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction on 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 transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.81% of the company’s stock.

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.