Northern Trust Corp Has $20.27 Million Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Northern Trust Corp increased its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 19.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,328,083 shares of the company’s stock after purchasing an additional 213,579 shares during the period. Northern Trust Corp’s holdings in Rigetti Computing were worth $20,267,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in RGTI. Allworth Financial LP lifted its holdings in shares of Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after buying an additional 1,504 shares during the last quarter. Signaturefd LLC bought a new position in shares of Rigetti Computing during the 4th quarter worth about $25,000. Legal & General Group Plc boosted its position in shares of 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 acquiring an additional 1,817 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in Rigetti Computing during the fourth quarter worth about $28,000. Finally, JPMorgan Chase & Co. boosted its holdings 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 purchasing an additional 2,045 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Price Performance

Shares of RGTI stock opened at $9.86 on Wednesday. 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 12-month low of $0.66 and a 12-month high of $21.42. The firm has a fifty day moving average of $9.09 and a 200-day moving average of $8.64. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of -25.95 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. During the same quarter last year, the firm posted ($0.04) earnings per share. On average, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RGTI. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC reissued a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reaffirmed a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, B. Riley boosted their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $14.50.

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.