Patriot Financial Group Insurance Agency LLC Acquires Shares of 33,414 Rigetti Computing, Inc. (NASDAQ:RGTI)

Patriot Financial Group Insurance Agency LLC bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 33,414 shares of the company’s stock, valued at approximately $510,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Rigetti Computing in the fourth quarter valued at about $76,000. Sovereign Financial Group Inc. bought a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $215,000. Greenhouse Wealth Management LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $223,000. Capital Asset Advisory Services LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $229,000. Finally, Traynor Capital Management Inc. bought a new position in Rigetti Computing in the fourth quarter valued at approximately $244,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts 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 shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. B. Riley lifted their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Stock Performance

Rigetti Computing stock opened at $12.66 on Thursday. The business has a 50 day moving average of $9.39 and a 200-day moving average of $3.95. The company has a market capitalization of $2.43 billion, a P/E ratio of -33.31 and a beta of 1.31. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the transaction, the insider now owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. The trade was 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. 2.81% of the stock is currently owned by company insiders.

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.