Victory Capital Management Inc. Purchases 5,960 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Victory Capital Management Inc. raised its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 31.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,145 shares of the company’s stock after acquiring an additional 5,960 shares during the period. Victory Capital Management Inc.’s holdings in Rigetti Computing were worth $384,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Rigetti Computing by 15.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company’s stock worth $20,290,000 after acquiring an additional 179,656 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter worth $83,000. Mission Wealth Management LP purchased a new stake in shares of Rigetti Computing in the fourth quarter worth $1,038,000. SBI Securities Co. Ltd. purchased a new stake in shares of Rigetti Computing in the fourth quarter worth $3,503,000. Finally, Jones Financial Companies Lllp purchased a new stake in shares of Rigetti Computing in the fourth quarter worth $50,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RGTI shares. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Benchmark reaffirmed a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley increased their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has a consensus rating of “Buy” and an average target price of $14.50.

Rigetti Computing Trading Up 0.9 %

Rigetti Computing stock opened at $9.07 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42. The stock has a market capitalization of $2.59 billion, a PE ratio of -23.87 and a beta of 1.36. The business’s fifty day moving average is $10.75 and its 200 day moving average is $6.48.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period last year, the firm posted ($0.04) earnings per share. On average, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.