Private Advisor Group LLC Acquires Shares of 83,014 Rigetti Computing, Inc. (NASDAQ:RGTI)

Private Advisor Group LLC bought a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 83,014 shares of the company's stock, valued at approximately $1,267,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Silverleafe Capital Partners LLC purchased a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $554,000. State Street Corp boosted its position in Rigetti Computing by 12.9% in 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 during the period. Charles Schwab Investment Management Inc. boosted its position in Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock valued at $901,000 after buying an additional 144,742 shares during the period. Geode Capital Management LLC grew its stake in shares of Rigetti Computing by 20.6% in the third 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 in the last quarter. Finally, Veracity Capital LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth $410,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Down 9.7 %

Rigetti Computing stock traded down $0.82 during midday trading on Monday, reaching $7.64. The company's stock had a trading volume of 43,720,274 shares, compared to its average volume of 134,114,656. The company has a market cap of $1.47 billion, a P/E ratio of -20.11 and a beta of 1.26. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The business has a 50-day simple moving average of $12.43 and a 200-day simple moving average of $5.66. Rigetti Computing, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $21.42.

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Insider Activity

In related news, Director Michael S. Clifton sold 125,000 shares of the company's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares of the company's stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.81% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on RGTI. Needham & Company LLC reiterated a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. Benchmark upped their target price on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Finally, B. Riley lifted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th.

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.