Xponance Inc. Acquires New Holdings in Rigetti Computing, Inc. (NASDAQ:RGTI)

Xponance Inc. bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,600 shares of the company’s stock, valued at approximately $162,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Silverleafe Capital Partners LLC purchased a new position in shares of Rigetti Computing during the 4th quarter valued at $554,000. State Street Corp boosted its stake in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after buying an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. grew its position in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after buying an additional 144,742 shares in the last quarter. Geode Capital Management LLC increased its stake in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares during the last quarter. Finally, Veracity Capital LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at about $410,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were 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 owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.81% of the company’s stock.

Analyst Upgrades and Downgrades

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

Rigetti Computing Price Performance

RGTI stock opened at $8.15 on Friday. The firm’s fifty day moving average is $10.72 and its 200 day moving average is $6.77. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The firm has a market cap of $2.33 billion, a P/E ratio of -21.45 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same quarter in the previous year, the company posted ($0.04) EPS. Research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

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.