Avantax Advisory Services Inc. Invests $1.15 Million in Rigetti Computing, Inc. (NASDAQ:RGTI)

Avantax Advisory Services Inc. purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 75,269 shares of the company's stock, valued at approximately $1,149,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RGTI. Geode Capital Management LLC lifted its stake in Rigetti Computing by 20.6% in 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. Penserra Capital Management LLC lifted its stake 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 valued at $3,565,000 after buying an additional 407,389 shares in the last quarter. State Street Corp lifted its stake in 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 buying an additional 309,831 shares in the last quarter. UNICOM Systems Inc. purchased a new position in Rigetti Computing in the 4th quarter valued at about $4,349,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Rigetti Computing in the 4th quarter valued at about $3,503,000. 35.38% of the stock is 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. 58,265,088 shares of the company were exchanged, compared to its average volume of 46,964,692. 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 firm has a market cap of $2.59 billion, a price-to-earnings ratio of -23.87 and a beta of 1.36. The firm's 50-day simple moving average is $10.75 and its 200 day simple moving average is $6.48. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42.

Remove Ads

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The company had revenue of $2.27 million during the quarter, compared to analysts' expectations of $2.40 million. During the same quarter last year, the company posted ($0.04) EPS. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm'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 transaction, the chief technology officer now 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.81% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

RGTI has been the subject of a number of recent research reports. Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective for the company. Benchmark restated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a 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 report on Thursday, March 6th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, B. Riley increased their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing currently has an average rating of "Buy" and a consensus target price of $14.50.

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.