Comprehensive Financial Management LLC Sells 583,300 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Comprehensive Financial Management LLC decreased its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 79.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 153,162 shares of the company's stock after selling 583,300 shares during the period. Rigetti Computing comprises 0.1% of Comprehensive Financial Management LLC's portfolio, making the stock its 21st biggest holding. Comprehensive Financial Management LLC owned about 0.08% of Rigetti Computing worth $2,337,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after purchasing an additional 5,280,128 shares during the last quarter. Invesco Ltd. boosted its holdings 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 worth $69,896,000 after acquiring an additional 4,518,978 shares in the last quarter. Geode Capital Management LLC grew its position in Rigetti Computing by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after acquiring an additional 228,391 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after purchasing an additional 2,055,203 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Rigetti Computing by 15.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company's stock worth $20,290,000 after purchasing an additional 179,656 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on RGTI. Needham & Company LLC restated a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley boosted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Benchmark reiterated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five equities research 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.

Insiders Place Their Bets

In related 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 completion of the transaction, the chief technology officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.81% of the company's stock.

Rigetti Computing Price Performance

RGTI opened at $9.78 on Wednesday. The company has a fifty day moving average price of $8.87 and a two-hundred day moving average price of $8.33. The firm has a market capitalization of $2.80 billion, a PE ratio of -25.74 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. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts' consensus estimates of ($0.08). The business 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 prior year, the company posted ($0.04) earnings per share. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

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.

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