Avantax Advisory Services Inc. Buys New Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Avantax Advisory Services Inc. bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 75,269 shares of the company’s stock, valued at approximately $1,149,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Silverleafe Capital Partners LLC bought a new position in Rigetti Computing during the fourth quarter worth $554,000. State Street Corp boosted its position in shares of Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares during the period. Geode Capital Management LLC boosted its holdings in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares in the last quarter. Finally, Veracity Capital LLC bought a new position in Rigetti Computing in the fourth quarter worth approximately $410,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction 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 transaction, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.81% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RGTI. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. 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. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reiterated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, B. Riley raised their price target 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. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has a consensus rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI opened at $9.90 on Thursday. The company’s fifty day moving average price is $10.77 and its 200-day moving average price is $6.36. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of -26.05 and a beta of 1.36. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42.

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

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.