Bank of America Corp DE Buys 425,689 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Bank of America Corp DE lifted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 536.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 505,070 shares of the company's stock after buying an additional 425,689 shares during the period. Bank of America Corp DE owned approximately 0.26% of Rigetti Computing worth $7,707,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Rigetti Computing by 81.7% in the fourth 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 during the period. Invesco Ltd. increased its holdings in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares during the period. Geode Capital Management LLC increased its holdings in shares of Rigetti Computing by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after buying an additional 228,391 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after buying an additional 2,055,203 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Rigetti Computing by 15.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company's stock worth $20,290,000 after buying an additional 179,656 shares during the period. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Trading Down 7.1%

NASDAQ:RGTI traded down $1.01 during mid-day trading on Thursday, reaching $13.15. 47,426,415 shares of the company's stock traded hands, compared to its average volume of 54,804,381. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The firm 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 debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a 50 day moving average price of $9.89 and a 200-day moving average price of $9.54.

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 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 company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the previous year, the business earned ($0.04) EPS. On average, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on RGTI. B. Riley lifted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Needham & Company LLC decreased their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Benchmark restated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $14.00.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing 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 directly owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. The trade was a 24.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.90% of the company's stock.

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.