BNP Paribas Financial Markets Makes New $316,000 Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

BNP Paribas Financial Markets bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 20,731 shares of the company's stock, valued at approximately $316,000.

Several other institutional investors have also made changes to their positions in RGTI. JPMorgan Chase & Co. increased its position in shares of Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after acquiring an additional 2,045 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Rigetti Computing by 10.5% in the fourth quarter. SG Americas Securities LLC now owns 69,856 shares of the company's stock worth $1,066,000 after acquiring an additional 6,654 shares in the last quarter. Capital Asset Advisory Services LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $229,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $510,000. Finally, Masso Torrence Wealth Management Inc. purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $153,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Stock Performance

NASDAQ:RGTI traded down $1.01 during trading hours on Thursday, hitting $13.15. 47,426,415 shares of the company traded hands, compared to its average volume of 54,610,252. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of -34.60 and a beta of 1.41. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average of $9.82 and a 200 day moving average of $9.46. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the previous year, the firm posted ($0.04) EPS. On average, analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the company'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 sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This represents a 24.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on RGTI. Needham & Company LLC dropped their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. B. Riley boosted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Benchmark reaffirmed a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, May 15th. Finally, Alliance Global Partners reaffirmed a "buy" rating 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, the company currently has an average rating of "Buy" and an average price target of $14.00.

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.