Rigetti Computing, Inc. (NASDAQ:RGTI) Stake Raised by Vanguard Group Inc.

Vanguard Group Inc. raised its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 81.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,746,361 shares of the company's stock after purchasing an additional 5,280,128 shares during the quarter. Vanguard Group Inc. owned about 6.11% of Rigetti Computing worth $179,249,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Signaturefd LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth about $28,000. Spire Wealth Management purchased a new stake in shares of Rigetti Computing during the fourth quarter worth about $46,000. Jones Financial Companies Lllp purchased a new stake in shares of Rigetti Computing during the fourth quarter worth about $50,000. Finally, Activest Wealth Management purchased a new stake in shares of Rigetti Computing during the fourth quarter worth about $52,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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Rigetti Computing Stock Performance

NASDAQ RGTI traded up $0.25 during trading hours on Thursday, reaching $9.64. The company's stock had a trading volume of 14,104,203 shares, compared to its average volume of 100,734,633. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The business has a 50-day simple moving average of $9.81 and a 200 day simple moving average of $7.24. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The stock has a market cap of $2.76 billion, a PE ratio of -25.37 and a beta of 1.41.

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

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.81% of the company's stock.

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.