Cresset Asset Management LLC Acquires New Shares in Rigetti Computing, Inc. (NASDAQ:RGTI)

Cresset Asset Management LLC acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 35,920 shares of the company's stock, valued at approximately $548,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised 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 valued at $179,249,000 after purchasing an additional 5,280,128 shares during the last quarter. Invesco Ltd. grew its stake in shares of Rigetti Computing by 7,367.2% during 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 during the period. JPMorgan Chase & Co. boosted its stake in Rigetti Computing by 3,295.7% in 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. Bank of America Corp DE raised its holdings in shares of Rigetti Computing by 536.3% during the 4th quarter. Bank of America Corp DE now owns 505,070 shares of the company's stock valued at $7,707,000 after buying an additional 425,689 shares in the last quarter. Finally, UNICOM Systems Inc. purchased a new position in Rigetti Computing in the 4th quarter worth approximately $4,349,000. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Trading Up 2.7%

Rigetti Computing stock traded up $0.31 during midday trading on Friday, reaching $11.85. 66,732,088 shares of the stock traded hands, compared to its average volume of 52,439,393. The company has a current ratio of 4.84, a quick 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 market cap of $3.39 billion, a PE ratio of -31.18 and a beta of 1.41. The company has a 50-day simple moving average of $9.29 and a two-hundred day simple moving average of $8.91.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts' consensus estimates of ($0.08). The company 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 last year, the company earned ($0.04) earnings per share. Research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the firm'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 completion of the transaction, the chief technology officer now 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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