EVR Research LP Invests $2.67 Million in Rigetti Computing, Inc. (NASDAQ:RGTI)

EVR Research LP bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 175,000 shares of the company's stock, valued at approximately $2,670,000. Rigetti Computing comprises 0.9% of EVR Research LP's holdings, making the stock its 26th largest holding. EVR Research LP owned approximately 0.09% of Rigetti Computing at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of RGTI. Charles Schwab Investment Management Inc. grew its stake in shares of Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock worth $901,000 after acquiring an additional 144,742 shares during the period. State Street Corp boosted its holdings in shares of Rigetti Computing by 12.9% in the third 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. Jane Street Group LLC grew its position in shares of Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock valued at $191,000 after purchasing an additional 47,013 shares in the last quarter. Barclays PLC raised its stake in shares of Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company's stock valued at $145,000 after purchasing an additional 136,443 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Rigetti Computing by 20.6% during the 3rd 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 in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was 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 directly owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 2.81% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on RGTI. Benchmark restated 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 restated a "buy" rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 target price for the company. B. Riley upped their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Finally, Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has an average rating of "Buy" and an average price target of $14.50.

Rigetti Computing Trading Down 2.6 %

NASDAQ RGTI traded down $0.24 on Monday, hitting $8.86. The company's stock had a trading volume of 23,153,761 shares, compared to its average volume of 48,711,294. 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's 50-day simple moving average is $9.64 and its 200 day simple moving average is $7.41. The firm has a market cap of $2.53 billion, a P/E ratio of -23.32 and a beta of 1.41. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The company had revenue of $2.27 million for 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 quarter in the previous year, the company earned ($0.04) earnings per share. Research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal 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.