14,000 Shares in Rigetti Computing, Inc. (NASDAQ:RGTI) Bought by CV Advisors LLC

CV Advisors LLC bought a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 14,000 shares of the company’s stock, valued at approximately $214,000.

A number of other hedge funds also recently added to or reduced their stakes in RGTI. Charles Schwab Investment Management Inc. lifted its stake in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares during the last quarter. Penserra Capital Management LLC lifted its stake in Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after buying an additional 407,389 shares during the last quarter. State Street Corp lifted its stake in Rigetti Computing by 12.9% in 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 last quarter. Jane Street Group LLC increased its holdings in shares of Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the period. Finally, Barclays PLC increased its holdings in shares of Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Price Performance

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

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $2.27 million for the quarter, compared to analyst estimates 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 in the previous year, the company earned ($0.04) earnings per share. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction on 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 completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.81% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RGTI shares. B. Riley raised their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Benchmark reissued a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC reissued a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Alliance Global Partners reissued a “buy” rating 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 presently has an average rating of “Buy” and an average target price 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.