FWG Holdings LLC Purchases New Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

FWG Holdings LLC purchased a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 11,500 shares of the company’s stock, valued at approximately $175,000.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on RGTI. Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. B. Riley lifted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Benchmark reaffirmed a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday.

Rigetti Computing Stock Performance

NASDAQ RGTI opened at $9.35 on Monday. The company has a market capitalization of $1.80 billion, a PE ratio of -24.60 and a beta of 1.36. 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 company has a 50-day simple moving average of $11.94 and a 200 day simple moving average of $5.92.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly 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). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The company 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. On average, research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Rigetti Computing 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.