Rockefeller Capital Management L.P. Acquires New Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Rockefeller Capital Management L.P. purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 276,778 shares of the company's stock, valued at approximately $4,224,000. Rockefeller Capital Management L.P. owned approximately 0.14% of Rigetti Computing as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RGTI shares. Benchmark reiterated a "buy" rating and set a $14.00 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 research note on Thursday, March 6th. B. Riley boosted their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 price objective 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 MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $14.50.

Rigetti Computing Stock Performance

Rigetti Computing stock traded up $0.17 during midday trading on Tuesday, reaching $8.28. 4,463,826 shares of the company traded hands, compared to its average volume of 48,855,945. 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 12 month low of $0.66 and a 12 month high of $21.42. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -21.80 and a beta of 1.41. The business has a 50 day moving average of $9.14 and a two-hundred day moving average of $7.73.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly 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 return on equity of 51.56% and a negative net margin of 509.58%. The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period last year, the business posted ($0.04) EPS. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.81% of the company's stock.

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.