Raymond James Financial Inc. Makes New $2.40 Million Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Raymond James Financial Inc. bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 156,994 shares of the company's stock, valued at approximately $2,396,000. Raymond James Financial Inc. owned approximately 0.08% of Rigetti Computing as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of RGTI. Allworth Financial LP grew its stake in Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after buying an additional 1,504 shares during the period. JPMorgan Chase & Co. boosted its position in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after purchasing an additional 2,045 shares during the period. Spire Wealth Management acquired a new stake in Rigetti Computing in the 4th quarter valued at $46,000. Jones Financial Companies Lllp purchased a new position in Rigetti Computing in the fourth quarter valued at about $50,000. Finally, Activest Wealth Management acquired a new position in shares of Rigetti Computing during the fourth quarter worth about $52,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Up 8.7 %

Shares of NASDAQ RGTI traded up $0.68 during mid-day trading on Wednesday, reaching $8.49. The company had a trading volume of 43,672,655 shares, compared to its average volume of 47,633,191. The stock has a fifty day moving average of $10.45 and a two-hundred day moving average of $6.92. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -22.34 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

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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) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The business had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same period last year, the company earned ($0.04) earnings per share. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 2.81% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on RGTI shares. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 price target on the stock. 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 note on Friday, February 14th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reiterated a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC restated a "buy" rating and issued a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $14.50.

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.