Charles Schwab Investment Management Inc. grew its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 15.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,329,590 shares of the company's stock after buying an additional 179,656 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.69% of Rigetti Computing worth $20,290,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Allworth Financial LP increased its position in shares of Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after buying an additional 1,504 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after acquiring an additional 2,045 shares during the last quarter. Spire Wealth Management acquired a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $46,000. Jones Financial Companies Lllp acquired a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $50,000. Finally, Activest Wealth Management acquired a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $52,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction 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 transaction, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This represents a 24.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.81% of the company's stock.
Wall Street Analysts Forecast Growth
RGTI has been the topic of a number of research analyst reports. B. Riley lifted their price target on 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 reaffirmed a "buy" rating and issued a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 price target on the stock. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Benchmark reaffirmed a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $14.50.
Check Out Our Latest Report on Rigetti Computing
Rigetti Computing Trading Up 0.9 %
NASDAQ RGTI traded up $0.08 on Friday, reaching $9.07. 58,265,088 shares of the company were exchanged, compared to its average volume of 46,964,692. The business's fifty day moving average price is $10.75 and its 200 day moving average price is $6.48. The stock has a market capitalization of $2.59 billion, a P/E 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 fifty-two week low of $0.66 and a fifty-two week high of $21.42.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). The company had revenue of $2.27 million for 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 previous year, the company posted ($0.04) earnings per share. Analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.
Rigetti Computing Company Profile
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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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