Cetera Investment Advisers Raises Holdings in Rigetti Computing, Inc. (NASDAQ:RGTI)

Cetera Investment Advisers lifted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 118.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,456 shares of the company's stock after purchasing an additional 23,056 shares during the quarter. Cetera Investment Advisers' holdings in Rigetti Computing were worth $648,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Signaturefd LLC bought a new position in Rigetti Computing in the 4th quarter valued at approximately $25,000. EverSource Wealth Advisors LLC bought a new position in Rigetti Computing in the 4th quarter valued at approximately $28,000. Tucker Asset Management LLC bought a new position in Rigetti Computing in the 4th quarter valued at approximately $32,000. Spire Wealth Management bought a new position in Rigetti Computing in the 4th quarter valued at approximately $46,000. Finally, JPMorgan Chase & Co. lifted its position in Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after acquiring an additional 2,045 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RGTI has been the topic of several analyst reports. Needham & Company LLC lowered their price objective on 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 target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Benchmark reiterated a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing currently has an average rating of "Buy" and a consensus price target of $14.00.

Rigetti Computing Stock Performance

RGTI traded down $1.01 during mid-day trading on Thursday, reaching $13.15. 47,426,415 shares of the company traded hands, compared to its average volume of 54,804,381. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $3.82 billion, a P/E ratio of -34.60 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's fifty day moving average price is $9.89 and its 200-day moving average price is $9.54.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The business had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same quarter in the prior year, the business posted ($0.04) EPS. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on 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 sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This trade represents 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 link. 1.90% of the stock is owned by corporate insiders.

About Rigetti Computing

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.