Schonfeld Strategic Advisors LLC Makes New Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Schonfeld Strategic Advisors LLC purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, Holdings Channel reports. The fund purchased 12,200 shares of the company’s stock, valued at approximately $186,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Northern Trust Corp lifted its position in shares of Rigetti Computing by 19.2% in the fourth quarter. Northern Trust Corp now owns 1,328,083 shares of the company’s stock worth $20,267,000 after buying an additional 213,579 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Rigetti Computing in the fourth quarter worth about $848,000. Price T Rowe Associates Inc. MD lifted its position in shares of Rigetti Computing by 37.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 62,740 shares of the company’s stock worth $958,000 after buying an additional 17,165 shares during the last quarter. Steel Grove Capital Advisors LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter worth about $313,000. Finally, Hsbc Holdings PLC lifted its position in shares of Rigetti Computing by 12.4% in the fourth quarter. Hsbc Holdings PLC now owns 20,154 shares of the company’s stock worth $334,000 after buying an additional 2,222 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Insider Transactions at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated 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 transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.90% of the stock is currently owned by corporate insiders.

Rigetti Computing Trading Up 18.1%

Rigetti Computing stock opened at $11.64 on Thursday. 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 business’s 50-day simple moving average is $9.14 and its 200-day simple moving average is $8.66. The firm has a market capitalization of $3.33 billion, a PE ratio of -30.63 and a beta of 1.41. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The business had revenue of $2.27 million for the quarter, compared to analyst estimates 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 in the previous year, the company posted ($0.04) earnings per share. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Analyst Ratings Changes

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

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.