PNC Financial Services Group Inc. Invests $750,000 in Rigetti Computing, Inc. (NASDAQ:RGTI)

PNC Financial Services Group Inc. bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, Holdings Channel reports. The fund bought 49,116 shares of the company’s stock, valued at approximately $750,000.

A number of other institutional investors and hedge funds also recently modified their holdings of RGTI. Charles Schwab Investment Management Inc. increased its position in shares of Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares in the last quarter. Penserra Capital Management LLC grew its position in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares in the last quarter. State Street Corp grew its position in 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. Jane Street Group LLC raised its stake in Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the period. Finally, Barclays PLC lifted its holdings in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.81% of the company’s stock.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $11.16 on Tuesday. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The company has a fifty day simple moving average of $10.94 and a 200 day simple moving average of $6.27. 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 company has a market cap of $3.19 billion, a P/E ratio of -29.37 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The business 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 quarter in the previous year, the firm earned ($0.04) EPS. On average, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RGTI. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a 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. Finally, Benchmark restated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus 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.