Invesco Ltd. raised its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 7,367.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,580,317 shares of the company's stock after purchasing an additional 4,518,978 shares during the quarter. Invesco Ltd. owned approximately 2.38% of Rigetti Computing worth $69,896,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after buying an additional 5,280,128 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after purchasing an additional 2,055,203 shares during the period. Geode Capital Management LLC boosted its stake in shares of 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 acquiring an additional 617,506 shares during the last quarter. State Street Corp lifted its position in shares of Rigetti Computing by 12.9% during 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. Finally, UNICOM Systems Inc. purchased a new stake in Rigetti Computing in the 4th quarter worth approximately $4,349,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several analysts recently issued reports on RGTI shares. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 target price for the company. B. Riley upped their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Benchmark reaffirmed a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $14.50.
Check Out Our Latest Analysis on Rigetti Computing
Insiders Place Their Bets
In related news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.81% of the stock is owned by company insiders.
Rigetti Computing Price Performance
NASDAQ:RGTI traded down $0.24 during trading hours on Tuesday, reaching $8.62. 15,547,578 shares of the company were exchanged, compared to its average volume of 48,755,098. 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 firm has a market cap of $2.46 billion, a PE ratio of -22.68 and a beta of 1.41. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42. The stock's 50-day moving average is $9.44 and its 200-day moving average is $7.47.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts' consensus estimates of ($0.08). The firm had revenue of $2.27 million for 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 firm posted ($0.04) earnings per share. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.
About Rigetti Computing
(
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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