SkyOak Wealth LLC Makes New Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

SkyOak Wealth LLC bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,472 shares of the company’s stock, valued at approximately $160,000.

Other hedge funds have also recently made changes to their positions in the company. Spire Wealth Management bought a new stake in Rigetti Computing during the fourth quarter worth approximately $46,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Rigetti Computing in the 4th quarter worth approximately $76,000. Masso Torrence Wealth Management Inc. bought a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $153,000. Sovereign Financial Group Inc. purchased a new stake in Rigetti Computing during the 4th quarter valued at $215,000. Finally, Greenhouse Wealth Management LLC bought a new stake in Rigetti Computing in the fourth quarter worth $223,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Trading Up 7.1 %

Rigetti Computing stock opened at $13.17 on Monday. 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 company has a 50 day moving average price of $10.06 and a 200-day moving average price of $4.17. Rigetti Computing, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $21.42.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now owns 1,188,864 shares in the company, valued at $4,755,456. This represents a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the sale, the insider now directly owns 20,868,332 shares in the company, valued at $31,719,864.64. This trade represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,955,125 shares of company stock worth $5,489,354.

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.