Cresset Asset Management LLC Makes New $548,000 Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Cresset Asset Management LLC acquired a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 35,920 shares of the company's stock, valued at approximately $548,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after buying an additional 5,280,128 shares in the last quarter. Invesco Ltd. boosted 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 purchasing an additional 4,518,978 shares during the period. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 228,391 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3,295.7% during 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. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Rigetti Computing by 15.6% during the 4th 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 during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their position. 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 company insiders.

Analyst Upgrades and Downgrades

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

Rigetti Computing Trading Up 18.1%

Shares of RGTI opened at $11.64 on Thursday. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. The company has a 50-day moving average of $9.14 and a 200 day moving average of $8.66. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of -30.63 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 announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The company had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same quarter last year, the business posted ($0.04) EPS. On average, research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS 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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