Patriot Financial Group Insurance Agency LLC Takes $510,000 Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Patriot Financial Group Insurance Agency LLC bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 33,414 shares of the company's stock, valued at approximately $510,000.

Several other hedge funds also recently made changes to their positions in the company. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing during the 3rd quarter valued at $45,000. SG Americas Securities LLC increased its stake in shares of Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock valued at $49,000 after acquiring an additional 39,526 shares during the period. JPMorgan Chase & Co. raised its holdings in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after purchasing an additional 2,045 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Rigetti Computing in the fourth quarter worth approximately $76,000. Finally, Point72 DIFC Ltd bought a new position in Rigetti Computing during the 2nd quarter valued at $88,000. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Trading Down 2.8 %

Shares of RGTI stock traded down $0.36 during trading hours on Thursday, reaching $12.30. The company had a trading volume of 94,914,198 shares, compared to its average volume of 188,884,594. The company has a 50 day moving average of $9.61 and a 200 day moving average of $4.01. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of -32.37 and a beta of 1.31. 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 1-year low of $0.66 and a 1-year high of $21.42.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the sale, the director now owns 1,313,864 shares of the company's stock, valued at $3,941,592. This trade represents a 8.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the transaction, the insider now owns 19,002,093 shares of the company's stock, valued at approximately $30,973,411.59. The trade was a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on RGTI shares. Craig Hallum began coverage on Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective for the company. Needham & Company LLC reissued a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reissued a "buy" rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, B. Riley increased their target price on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $5.70.

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.