59,022 Shares in Rigetti Computing, Inc. (NASDAQ:RGTI) Bought by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC purchased a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 59,022 shares of the company's stock, valued at approximately $901,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RGTI. Allworth Financial LP raised its stake in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after purchasing an additional 1,504 shares during the period. JPMorgan Chase & Co. boosted its holdings in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after purchasing an additional 2,045 shares in the last quarter. Spire Wealth Management bought a new stake in Rigetti Computing in the fourth quarter worth $46,000. Jones Financial Companies Lllp acquired a new position in Rigetti Computing during the 4th quarter worth $50,000. Finally, Activest Wealth Management acquired a new position in Rigetti Computing during the 4th quarter worth $52,000. 35.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The stock was 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 owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.81% of the stock is currently owned by insiders.

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Rigetti Computing Stock Performance

Shares of RGTI traded down $0.92 during midday trading on Thursday, reaching $8.99. The stock had a trading volume of 64,527,165 shares, compared to its average volume of 118,418,344. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42. 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 firm has a 50 day simple moving average of $10.77 and a 200-day simple moving average of $6.36. The firm has a market cap of $2.57 billion, a PE ratio of -23.66 and a beta of 1.36.

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, meeting the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.40 million. During the same quarter last year, the firm earned ($0.04) earnings per share. As a group, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

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