Commonwealth Equity Services LLC Acquires 192,982 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Commonwealth Equity Services LLC boosted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 1,487.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 205,957 shares of the company’s stock after acquiring an additional 192,982 shares during the period. Commonwealth Equity Services LLC’s holdings in Rigetti Computing were worth $3,143,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Silverleafe Capital Partners LLC bought a new position in Rigetti Computing in the fourth quarter worth about $554,000. State Street Corp lifted its stake in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares in the last quarter. Geode Capital Management LLC grew its stake in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares during the period. Finally, Veracity Capital LLC bought a new position in Rigetti Computing in the fourth quarter worth $410,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $9.82 on Wednesday. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of -25.84 and a beta of 1.36. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The business’s fifty day moving average price is $10.85 and its 200-day moving average price is $6.65.

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 the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The business had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. During the same period last year, the firm posted ($0.04) earnings per share. On average, equities analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.81% of the stock is currently owned by insiders.

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.