Rigetti Computing, Inc. (NASDAQ:RGTI) Stock Holdings Increased by Bank of America Corp DE

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

Several other institutional investors and hedge funds have also made changes to their positions in the company. BNP Paribas Financial Markets acquired a new stake in Rigetti Computing in the fourth quarter worth $316,000. Schonfeld Strategic Advisors LLC acquired a new stake in Rigetti Computing in the fourth quarter worth $186,000. Northern Trust Corp increased its position in Rigetti Computing by 19.2% in the fourth quarter. Northern Trust Corp now owns 1,328,083 shares of the company's stock worth $20,267,000 after buying an additional 213,579 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in Rigetti Computing in the fourth quarter worth $848,000. Finally, Price T Rowe Associates Inc. MD increased its position in Rigetti Computing by 37.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 62,740 shares of the company's stock worth $958,000 after buying an additional 17,165 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Price Performance

NASDAQ:RGTI traded down $0.08 during mid-day trading on Wednesday, reaching $14.11. 42,693,987 shares of the stock were exchanged, compared to its average volume of 54,404,615. The business has a fifty day moving average price of $9.72 and a 200 day moving average price of $9.43. The firm has a market capitalization of $4.10 billion, a PE ratio of -37.34 and a beta of 1.41. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its 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). The firm had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the previous year, the company earned ($0.04) earnings per share. Research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on RGTI. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley lifted their price objective 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 restated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. Finally, Needham & Company LLC cut their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $14.00.

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, 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 SEC, which can be accessed through this hyperlink. 1.90% of the stock is currently owned by company insiders.

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.