Nations Financial Group Inc. IA ADV Takes Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Nations Financial Group Inc. IA ADV acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 174,959 shares of the company's stock, valued at approximately $2,670,000. Nations Financial Group Inc. IA ADV owned approximately 0.09% of Rigetti Computing as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in RGTI. Rhumbline Advisers grew its holdings in Rigetti Computing by 15.8% in the fourth quarter. Rhumbline Advisers now owns 234,075 shares of the company's stock worth $3,572,000 after purchasing an additional 31,895 shares during the period. Nova R Wealth Inc. bought a new position in Rigetti Computing during the 4th quarter valued at approximately $153,000. Pathway Financial Advisers LLC bought a new position in Rigetti Computing during the 4th quarter valued at approximately $197,000. UNICOM Systems Inc. purchased a new position in Rigetti Computing during the fourth quarter valued at $4,349,000. Finally, Activest Wealth Management purchased a new stake in shares of Rigetti Computing in the fourth quarter worth $52,000. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Up 4.8 %

RGTI traded up $0.51 on Wednesday, hitting $11.03. The company had a trading volume of 101,706,226 shares, compared to its average volume of 151,988,516. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The stock has a fifty day moving average price of $12.22 and a 200-day moving average price of $5.15. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -29.03 and a beta of 1.26.

Insider Buying and Selling

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares of the company's stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 375,000 shares of company stock valued at $1,503,750 over the last ninety days.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 target price on the stock. Benchmark reissued a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, B. Riley increased 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. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $7.00.

About Rigetti Computing

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.