JPMorgan Chase & Co. Has $32.31 Million Stock Holdings in Rigetti Computing, Inc. (NASDAQ:RGTI)

JPMorgan Chase & Co. grew its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 3,295.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,117,563 shares of the company's stock after acquiring an additional 2,055,203 shares during the quarter. JPMorgan Chase & Co. owned about 1.10% of Rigetti Computing worth $32,314,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of RGTI. Vanguard Group Inc. increased its stake in Rigetti Computing by 81.7% during the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after acquiring an additional 5,280,128 shares during the last quarter. Geode Capital Management LLC grew its holdings 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 purchasing an additional 617,506 shares during the period. State Street Corp increased its position in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after purchasing an additional 309,831 shares in the last quarter. UNICOM Systems Inc. purchased a new position in Rigetti Computing in the fourth quarter valued at approximately $4,349,000. Finally, SBI Securities Co. Ltd. acquired a new position in Rigetti Computing during the fourth quarter valued at approximately $3,503,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Price Performance

Rigetti Computing stock traded down $0.32 during trading hours on Friday, hitting $9.10. 27,356,481 shares of the company traded hands, compared to its average volume of 48,632,485. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. The firm has a market cap of $2.60 billion, a P/E ratio of -23.95 and a beta of 1.41. The firm's 50-day simple moving average is $9.64 and its two-hundred day simple moving average is $7.36. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

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Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced 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 company had revenue of $2.27 million during the quarter, compared to the consensus estimate 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 firm earned ($0.04) EPS. As a group, analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction dated 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 approximately $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.81% of the stock is currently owned by company insiders.

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.