Sequoia Financial Advisors LLC Makes New $901,000 Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Sequoia Financial Advisors LLC acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 59,022 shares of the company’s stock, valued at approximately $901,000.

Other hedge funds also recently made changes to their positions in the company. Silverleafe Capital Partners LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth about $554,000. State Street Corp boosted its stake in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after buying an additional 144,742 shares during the period. Geode Capital Management LLC boosted its stake in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the period. Finally, Veracity Capital LLC acquired a new stake in Rigetti Computing in the fourth quarter valued at about $410,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Price Performance

RGTI stock opened at $11.22 on Monday. The firm has a 50 day moving average of $11.11 and a 200-day moving average of $6.20. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month 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 company has a market cap of $3.21 billion, a price-to-earnings ratio of -29.53 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The company had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same period last year, the firm earned ($0.04) EPS. As a group, equities analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

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 shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the transaction, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RGTI. B. Riley raised their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC restated a “buy” rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark restated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $14.50.

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.