Jump Financial LLC Buys New Position in Rigetti Computing, Inc. $RGTI

Key Points

• Jump Financial LLC acquired 390,312 shares of Rigetti Computing, Inc. for approximately $3.09 million, according to its recent SEC filing.
• Analysts have rated Rigetti Computing with an average target price of $17.43 and multiple firms have increased their price targets, signifying strong market optimism.
• Insider transactions include significant sales from the CFO and CTO, totaling 113,694 shares within the last quarter.

Jump Financial LLC acquired a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 390,312 shares of the company's stock, valued at approximately $3,091,000. Jump Financial LLC owned approximately 0.14% of Rigetti Computing at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in shares of Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after purchasing an additional 3,064 shares in the last quarter. Center for Financial Planning Inc. acquired a new stake in Rigetti Computing in the first quarter worth about $30,000. Park Square Financial Group LLC acquired a new stake in Rigetti Computing in the first quarter worth about $40,000. Orion Capital Management LLC bought a new position in Rigetti Computing in the 4th quarter valued at about $46,000. Finally, US Bancorp DE increased its stake in Rigetti Computing by 29.4% during the 1st quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after buying an additional 1,420 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock traded down $0.35 during trading on Friday, hitting $16.23. 42,398,450 shares of the stock traded hands, compared to its average volume of 68,979,813. The company has a fifty day moving average price of $14.48 and a two-hundred day moving average price of $11.63. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42. The stock has a market cap of $5.26 billion, a P/E ratio of -21.36 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The firm had revenue of $1.80 million during the quarter, compared to analysts' expectations of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. On average, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the director owned 853,766 shares of the company's stock, valued at $12,806,490. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the business's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the completion of the sale, the director owned 419,756 shares of the company's stock, valued at $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,694 shares of company stock valued at $1,698,130 over the last 90 days. 1.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on RGTI shares. Benchmark boosted their target price on Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Cantor Fitzgerald started coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target on the stock. Needham & Company LLC upped their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a report on Monday, August 4th. B. Riley raised their target price on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Finally, Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $17.43.

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.