Tower Research Capital LLC TRC Raises Stake in Rigetti Computing, Inc. (NASDAQ:RGTI)

Tower Research Capital LLC TRC increased its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 680.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 79,132 shares of the company's stock after purchasing an additional 68,999 shares during the quarter. Tower Research Capital LLC TRC's holdings in Rigetti Computing were worth $1,208,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Signaturefd LLC purchased a new position in Rigetti Computing in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC bought a new position in shares of Rigetti Computing during the 4th quarter valued at $32,000. Spire Wealth Management bought a new position in shares of Rigetti Computing in the fourth quarter worth about $46,000. Finally, JPMorgan Chase & Co. increased its holdings in Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after acquiring an additional 2,045 shares during the last quarter. Institutional investors own 35.38% of the company's stock.

Insider Activity

In other 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 value of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares in the company, 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 document filed with the SEC, which is accessible through the SEC website. 2.81% of the stock is currently owned by company insiders.

Rigetti Computing Stock Performance

RGTI stock traded up $0.07 during midday trading on Friday, reaching $9.37. 36,438,889 shares of the company were exchanged, compared to its average volume of 49,567,068. 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 one year low of $0.66 and a one year high of $21.42. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of -24.66 and a beta of 1.41. The business has a 50-day moving average price of $8.94 and a two-hundred day moving average price of $7.91.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate 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 net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the prior year, the company posted ($0.04) earnings per share. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RGTI shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley boosted their price objective 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. Finally, Benchmark restated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and an average price target 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.