Diametric Capital LP Invests $363,000 in Rigetti Computing, Inc. (NASDAQ:RGTI)

Diametric Capital LP purchased a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 23,798 shares of the company’s stock, valued at approximately $363,000.

A number of other hedge funds have also added to or reduced their stakes in the company. HighPoint Advisor Group LLC acquired a new stake in shares of Rigetti Computing in the 4th quarter valued at $204,000. Alliancebernstein L.P. boosted its stake in Rigetti Computing by 11.5% in the fourth quarter. Alliancebernstein L.P. now owns 155,480 shares of the company’s stock valued at $2,373,000 after buying an additional 15,980 shares in the last quarter. Wellington Management Group LLP bought a new position in Rigetti Computing in the fourth quarter valued at about $2,876,000. Tucker Asset Management LLC acquired a new position in Rigetti Computing during the fourth quarter worth about $32,000. Finally, Level Four Advisory Services LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth about $395,000. 35.38% of the stock is owned by institutional investors.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.81% of the company’s stock.

Rigetti Computing Stock Down 1.4 %

Shares of NASDAQ:RGTI opened at $7.81 on Wednesday. The firm has a market cap of $2.23 billion, a P/E ratio of -20.55 and a beta of 1.36. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The business has a fifty day simple moving average of $10.56 and a 200 day simple moving average of $6.91. 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 issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting 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 the consensus estimate of $2.40 million. During the same period last year, the company earned ($0.04) earnings per share. Analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

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

About Rigetti Computing

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.