Bank of New York Mellon Corp Raises Holdings in Rigetti Computing, Inc. (NASDAQ:RGTI)

Bank of New York Mellon Corp boosted its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 27.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 446,692 shares of the company's stock after buying an additional 96,099 shares during the quarter. Bank of New York Mellon Corp owned 0.23% of Rigetti Computing worth $6,817,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of RGTI. Allworth Financial LP grew its position in Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after purchasing an additional 1,504 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after buying an additional 2,045 shares during the last quarter. Spire Wealth Management bought a new stake in shares of Rigetti Computing in the fourth quarter worth $46,000. Activest Wealth Management purchased a new stake in Rigetti Computing during the fourth quarter valued at $52,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in Rigetti Computing in the fourth quarter valued at about $76,000. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Price Performance

Shares of RGTI stock traded down $0.41 on Wednesday, hitting $9.85. 43,665,573 shares of the stock traded hands, compared to its average volume of 46,218,830. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The firm has a 50 day simple moving average of $10.78 and a two-hundred day simple moving average of $6.34. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of -25.72 and a beta of 1.36.

Remove Ads

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly 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). The business had revenue of $2.27 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the business posted ($0.04) EPS. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

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 transaction of $2,729,851.60. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.81% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on RGTI shares. Craig Hallum initiated coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price target for the company. Benchmark reaffirmed a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley lifted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Needham & Company LLC restated a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $14.50.

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.