Global Retirement Partners LLC Takes Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Global Retirement Partners LLC bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, HoldingsChannel reports. The fund bought 12,650 shares of the company’s stock, valued at approximately $193,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in RGTI. Silverleafe Capital Partners LLC bought a new stake in Rigetti Computing during the 4th quarter worth approximately $554,000. State Street Corp grew its holdings in 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 in the last quarter. Charles Schwab Investment Management Inc. raised its position in 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 last quarter. Geode Capital Management LLC lifted its stake in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after acquiring an additional 617,506 shares in the last quarter. Finally, Veracity Capital LLC purchased a new position in Rigetti Computing during the 4th quarter worth $410,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RGTI. Craig Hallum began 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. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark boosted their target price on Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, B. Riley upped their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $9.30.

Rigetti Computing Stock Performance

Shares of RGTI stock opened at $9.03 on Wednesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -23.76 and a beta of 1.26. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The firm’s 50-day simple moving average is $12.47 and its two-hundred day simple moving average is $5.49.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.81% of the stock is currently owned by 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.