Soviero Asset Management LP Makes New $3.21 Million Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Soviero Asset Management LP purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, HoldingsChannel reports. The firm purchased 210,000 shares of the company’s stock, valued at approximately $3,205,000. Rigetti Computing accounts for 2.0% of Soviero Asset Management LP’s portfolio, making the stock its 25th largest position.

A number of other hedge funds have also modified their holdings of the company. Allworth Financial LP boosted its position in shares of Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after purchasing an additional 1,504 shares during the period. Signaturefd LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth approximately $25,000. Legal & General Group Plc boosted its position in shares of Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock worth $214,000 after purchasing an additional 1,817 shares during the period. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth approximately $28,000. Finally, JPMorgan Chase & Co. grew its stake in Rigetti Computing by 3.4% during the third 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 in the last quarter. 35.38% of the stock is currently owned by institutional investors.

Insider Transactions at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated 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 sale, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. B. Riley raised their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Needham & Company LLC cut their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Benchmark reaffirmed a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $14.00.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $11.85 on Monday. The firm has a 50-day moving average price of $9.29 and a 200-day moving average price of $8.91. The firm has a market capitalization of $3.39 billion, a PE ratio of -31.18 and a beta of 1.41. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42.

Rigetti Computing (NASDAQ:RGTI) last released 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). The firm had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter last year, the business earned ($0.04) EPS. As a group, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

About Rigetti Computing

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.