Wellington Management Group LLP Takes Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Wellington Management Group LLP bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 188,446 shares of the company's stock, valued at approximately $2,876,000. Wellington Management Group LLP owned approximately 0.10% of Rigetti Computing at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of RGTI. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth $32,000. Level Four Advisory Services LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth about $395,000. JPMorgan Chase & Co. raised its holdings in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after acquiring an additional 2,055,203 shares in the last quarter. Mark Sheptoff Financial Planning LLC acquired a new position in Rigetti Computing during the 4th quarter worth approximately $478,000. Finally, Prudential Financial Inc. purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at approximately $440,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction that occurred 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 sale, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.81% of the stock is currently owned by company insiders.

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Rigetti Computing Stock Performance

NASDAQ:RGTI traded down $0.32 during trading hours on Friday, reaching $9.10. 27,356,481 shares of the company's stock were exchanged, compared to its average volume of 48,632,511. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $2.60 billion, a price-to-earnings ratio of -23.95 and a beta of 1.41. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. The company has a 50-day moving average of $9.64 and a 200 day moving average of $7.36.

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

Wall Street Analysts Forecast Growth

RGTI has been the subject of several recent analyst reports. 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 objective for the company. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reissued a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley upped their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Finally, 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. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing has a consensus 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.