1,845 Shares in Rigetti Computing, Inc. (NASDAQ:RGTI) Purchased by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,845 shares of the company’s stock, valued at approximately $28,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of RGTI. Silverleafe Capital Partners LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth approximately $554,000. State Street Corp boosted its position in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of 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 worth $901,000 after purchasing an additional 144,742 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares during the period. Finally, Veracity Capital LLC acquired a new stake in Rigetti Computing in the fourth quarter worth about $410,000. Institutional investors own 35.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reissued a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Finally, B. Riley boosted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock 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, Rigetti Computing has a consensus rating of “Buy” and an average target price of $14.50.

Insiders Place Their Bets

In related news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their position. The sale 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.

Rigetti Computing Trading Down 9.2 %

Rigetti Computing stock opened at $8.99 on Friday. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The firm’s 50 day moving average price is $10.75 and its two-hundred day moving average price is $6.38. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of -23.66 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 (NASDAQ:RGTI) last announced 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). 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 for the quarter, compared to analyst estimates of $2.40 million. During the same period in the previous year, the firm earned ($0.04) earnings per share. On average, research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

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.