Soviero Asset Management LP Acquires Shares of 210,000 Rigetti Computing, Inc. (NASDAQ:RGTI)

Soviero Asset Management LP bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 210,000 shares of the company's stock, valued at approximately $3,205,000. Rigetti Computing makes up about 2.0% of Soviero Asset Management LP's investment portfolio, making the stock its 25th largest holding. Soviero Asset Management LP owned approximately 0.11% of Rigetti Computing as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of RGTI. Signaturefd LLC bought a new stake in shares of Rigetti Computing during the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the 4th quarter valued at about $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing during the 4th quarter valued at about $32,000. Spire Wealth Management bought a new stake in shares of Rigetti Computing during the 4th quarter valued at about $46,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3.4% during the 3rd 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 in the last quarter. Institutional investors own 35.38% of the company's stock.

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company's 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 sale, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This represents a 24.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RGTI. B. Riley lifted their target price 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 reissued a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reissued a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday. Finally, Needham & Company LLC dropped 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 analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $14.00.

Rigetti Computing Trading Up 2.7%

Shares of NASDAQ RGTI opened at $11.85 on Monday. The firm's 50 day moving average price is $9.29 and its 200-day moving average price is $8.91. The company has a market cap of $3.39 billion, a PE ratio of -31.18 and a beta of 1.41. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $2.27 million for 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 quarter in the prior year, the firm posted ($0.04) earnings per share. On average, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

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.

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