Wellington Management Group LLP Makes New Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Wellington Management Group LLP acquired a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 188,446 shares of the company's stock, valued at approximately $2,876,000. Wellington Management Group LLP owned approximately 0.07% of Rigetti Computing at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RGTI. Signaturefd LLC purchased a new position in Rigetti Computing during the fourth quarter worth $25,000. EverSource Wealth Advisors LLC purchased a new stake in Rigetti Computing during the 4th quarter worth about $28,000. Tucker Asset Management LLC purchased a new stake in Rigetti Computing during the 4th quarter worth about $32,000. Spire Wealth Management acquired a new position in Rigetti Computing in the 4th quarter valued at about $46,000. Finally, Orion Capital Management LLC purchased a new position in Rigetti Computing in the 4th quarter valued at about $46,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Benchmark reiterated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley increased their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Finally, Needham & Company LLC lowered their price objective 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 investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target 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 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 directly owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. The trade was a 24.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.90% of the stock is owned by company insiders.

Rigetti Computing Trading Down 7.9%

Rigetti Computing stock traded down $0.93 during trading on Thursday, reaching $10.89. The company had a trading volume of 35,226,340 shares, compared to its average volume of 55,493,962. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month 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. The stock's 50 day moving average price is $10.14 and its two-hundred day moving average price is $9.83. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of -28.66 and a beta of 1.41.

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 for the quarter, meeting analysts' consensus estimates 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 quarter last year, the business earned ($0.04) EPS. As a group, equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal 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.