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

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of RGTI. Signaturefd LLC acquired a new stake in Rigetti Computing during the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the fourth quarter valued at $28,000. Tucker Asset Management LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth $32,000. Spire Wealth Management bought a new stake in shares of Rigetti Computing in the fourth quarter worth $46,000. Finally, JPMorgan Chase & Co. increased its holdings in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after purchasing an additional 2,045 shares during the period. Institutional investors own 35.38% of the company's stock.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on RGTI shares. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC cut their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. B. Riley upped their price target 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. Finally, Benchmark reiterated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $14.00.

Rigetti Computing Trading Down 4.3%

Shares of NASDAQ:RGTI traded down $0.62 during mid-day trading on Thursday, hitting $13.55. The company had a trading volume of 19,969,312 shares, compared to its average volume of 54,514,480. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42. The firm has a fifty day moving average price of $9.82 and a 200 day moving average price of $9.46. The company has a market capitalization of $3.93 billion, a PE ratio of -35.80 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted ($0.04) earnings per share. As a group, research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

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.