HighPoint Advisor Group LLC Takes Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

HighPoint Advisor Group LLC purchased a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 13,350 shares of the company’s stock, valued at approximately $204,000.

Several other large investors have also recently bought and sold shares of the business. Alliancebernstein L.P. lifted its position in Rigetti Computing by 11.5% in the 4th quarter. Alliancebernstein L.P. now owns 155,480 shares of the company’s stock worth $2,373,000 after buying an additional 15,980 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Rigetti Computing in the fourth quarter worth $2,876,000. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth $32,000. Level Four Advisory Services LLC acquired a new stake in Rigetti Computing during the fourth quarter valued at $395,000. Finally, JPMorgan Chase & Co. grew its stake in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $7.50 on Friday. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The company has a fifty day simple moving average of $10.23 and a 200 day simple moving average of $6.98. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $2.14 billion, a P/E ratio of -19.74 and a beta of 1.36.

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

Analyst Ratings Changes

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

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction on 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 sale, the chief technology officer now owns 1,094,738 shares in the company, 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 legal filing 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.