Pure Financial Advisors LLC Invests $252,000 in Rigetti Computing, Inc. (NASDAQ:RGTI)

Pure Financial Advisors LLC acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 16,520 shares of the company’s stock, valued at approximately $252,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RGTI. LVW Advisors LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at about $305,000. Arkadios Wealth Advisors bought a new position in shares of Rigetti Computing in the fourth quarter worth approximately $1,624,000. Greenhouse Wealth Management LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $223,000. Sovereign Financial Group Inc. bought a new stake in Rigetti Computing during the fourth quarter valued at approximately $215,000. Finally, Silverleafe Capital Partners LLC purchased a new position in Rigetti Computing in the 4th quarter worth approximately $554,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RGTI shares. Benchmark restated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley increased their price objective on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $5.70.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI opened at $13.91 on Thursday. 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 stock has a market cap of $2.67 billion, a PE ratio of -36.60 and a beta of 1.31. The company’s fifty day moving average is $8.21 and its 200 day moving average is $3.52. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42.

Insider Activity

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the transaction, the director now directly owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,125 shares of company stock valued at $5,489,354.

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.