Hsbc Holdings PLC Raises Stock Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Hsbc Holdings PLC grew its position in Rigetti Computing, Inc. (NASDAQ:RGTI) by 12.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 20,154 shares of the company’s stock after purchasing an additional 2,222 shares during the period. Hsbc Holdings PLC’s holdings in Rigetti Computing were worth $334,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in RGTI. Vanguard Group Inc. grew its position in Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after acquiring an additional 5,280,128 shares during the period. Invesco Ltd. lifted its stake in shares of Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the period. UNICOM Systems Inc. acquired a new stake in shares of Rigetti Computing during the 4th quarter worth about $4,349,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in Rigetti Computing in the 4th quarter valued at about $4,224,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RGTI. B. Riley lifted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research 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. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $14.50.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on 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 directly owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.81% of the stock is owned by corporate insiders.

Rigetti Computing Price Performance

Shares of RGTI opened at $10.31 on Friday. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The company has a market cap of $2.95 billion, a P/E ratio of -27.13 and a beta of 1.41. The firm’s 50 day moving average price is $8.94 and its 200 day moving average price is $8.40.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $2.27 million for 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 period last year, the firm earned ($0.04) earnings per share. On average, research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal 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.