Bank of America Corp DE Boosts Stock Holdings in 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 fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after acquiring an additional 5,280,128 shares during the period. Invesco Ltd. boosted its position in Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after purchasing an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after purchasing an additional 2,055,203 shares during the period. UNICOM Systems Inc. purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $4,349,000. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Rigetti Computing during the 4th quarter worth approximately $4,224,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Trading Up 1.2%

Shares of RGTI traded up $0.17 during midday trading on Tuesday, reaching $14.19. The company had a trading volume of 77,111,986 shares, compared to its average volume of 54,443,662. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. 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 firm has a 50 day simple moving average of $9.62 and a 200-day simple moving average of $9.39. The stock has a market cap of $4.12 billion, a PE ratio of -37.34 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its 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 company had revenue of $2.27 million for the quarter, compared to analyst estimates 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 business posted ($0.04) EPS. Research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. B. Riley lifted their price target 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. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reiterated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, May 15th. Finally, Needham & Company LLC dropped their price target on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has an average rating of "Buy" and a consensus price target of $14.00.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction that occurred 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 completion of 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company 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.