CIBC Private Wealth Group LLC Trims Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

CIBC Private Wealth Group LLC trimmed its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 91.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 80,000 shares of the company's stock after selling 820,000 shares during the quarter. CIBC Private Wealth Group LLC's holdings in Rigetti Computing were worth $1,221,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in RGTI. Signaturefd LLC purchased a new stake in Rigetti Computing in the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth about $32,000. Arete Wealth Advisors LLC purchased a new stake in Rigetti Computing in the 3rd quarter valued at about $45,000. Finally, Spire Wealth Management acquired a new position in Rigetti Computing in the fourth quarter valued at about $46,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RGTI shares. Benchmark reiterated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock. B. Riley increased their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Needham & Company LLC restated a "buy" rating and issued a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $14.50.

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Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction 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 transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents 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. 2.81% of the stock is owned by company insiders.

Rigetti Computing Stock Down 8.0 %

NASDAQ:RGTI traded down $0.65 during mid-day trading on Friday, hitting $7.50. The stock had a trading volume of 35,872,407 shares, compared to its average volume of 47,854,823. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42. The stock has a 50-day simple moving average of $10.23 and a two-hundred day simple moving average of $6.98. The company has a market capitalization of $2.14 billion, a PE ratio of -19.74 and a beta of 1.36. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.08). The company had revenue of $2.27 million for the quarter, compared to analysts' expectations of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period last year, the firm earned ($0.04) earnings per share. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Rigetti Computing Company 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.