Rockefeller Capital Management L.P. Invests $4.22 Million in Rigetti Computing, Inc. (NASDAQ:RGTI)

Rockefeller Capital Management L.P. bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 276,778 shares of the company’s stock, valued at approximately $4,224,000.

Several other hedge funds also recently bought and sold shares of RGTI. Allworth Financial LP lifted its stake in Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after purchasing an additional 1,504 shares in the last quarter. Signaturefd LLC bought a new position in Rigetti Computing during the fourth quarter valued at approximately $25,000. Legal & General Group Plc grew its holdings in Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after buying an additional 1,817 shares in the last quarter. EverSource Wealth Advisors LLC bought a new stake in Rigetti Computing in the 4th quarter worth approximately $28,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after acquiring an additional 2,045 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.81% of the stock is currently owned by company insiders.

Rigetti Computing Trading Up 0.8 %

NASDAQ RGTI opened at $8.32 on Friday. 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 stock has a market cap of $2.38 billion, a PE ratio of -21.89 and a beta of 1.41. The company’s 50-day moving average price is $9.22 and its 200-day moving average price is $7.58. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month high of $21.42.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.40 million. During the same period in the prior year, the business earned ($0.04) EPS. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Analyst Ratings Changes

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