PNC Financial Services Group Inc. acquired a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 49,116 shares of the company's stock, valued at approximately $750,000.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Penserra Capital Management LLC boosted its holdings in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock worth $3,565,000 after buying an additional 407,389 shares during the period. Geode Capital Management LLC grew 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 valued at $2,837,000 after buying an additional 617,506 shares in the last quarter. State Street Corp raised its position in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after buying an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rigetti Computing by 15.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company's stock worth $20,290,000 after buying an additional 179,656 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Rigetti Computing by 27.4% during the fourth quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company's stock worth $6,817,000 after acquiring an additional 96,099 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.
Rigetti Computing Trading Up 0.9 %
Shares of NASDAQ RGTI traded up $0.08 during mid-day trading on Friday, reaching $9.07. The company had a trading volume of 58,148,263 shares, compared to its average volume of 46,641,942. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of -23.87 and a beta of 1.36. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The business's 50-day moving average is $10.75 and its 200-day moving average is $6.38.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $2.27 million during the quarter, compared to analysts' expectations of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the prior year, the business earned ($0.04) EPS. Equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.
Insiders Place Their Bets
In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.81% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on RGTI. Benchmark reiterated a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley increased their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock. Finally, Needham & Company LLC restated a "buy" rating and issued a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing presently has a consensus rating of "Buy" and an average price target of $14.50.
Get Our Latest Stock Analysis on RGTI
Rigetti Computing Company Profile
(
Free Report)
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.
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