EVR Research LP Makes New $2.67 Million Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

EVR Research LP purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 175,000 shares of the company's stock, valued at approximately $2,670,000. Rigetti Computing comprises 0.9% of EVR Research LP's portfolio, making the stock its 26th biggest position. EVR Research LP owned 0.09% of Rigetti Computing at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Signaturefd LLC bought a new stake in Rigetti Computing during the fourth quarter worth $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth $32,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the 3rd quarter worth $45,000. Finally, Spire Wealth Management bought a new position in Rigetti Computing in the 4th quarter worth approximately $46,000. Institutional investors and hedge funds own 35.38% of the company's stock.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of research reports. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock. Benchmark reiterated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing has an average rating of "Buy" and a consensus target price of $14.50.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.81% of the stock is currently owned by corporate insiders.

Rigetti Computing Stock Performance

NASDAQ:RGTI traded down $0.35 during midday trading on Wednesday, reaching $8.27. The stock had a trading volume of 7,254,448 shares, compared to its average volume of 96,608,586. The firm's fifty day simple moving average is $9.44 and its 200-day simple moving average is $7.47. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. The stock has a market capitalization of $2.36 billion, a P/E ratio of -21.76 and a beta of 1.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued 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 firm had revenue of $2.27 million during the quarter, compared to the consensus estimate 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 company posted ($0.04) EPS. On average, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

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.