Geode Capital Management LLC Grows Stock Holdings in Rigetti Computing, Inc. (NASDAQ:RGTI)

Geode Capital Management LLC lifted its position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 6.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,850,220 shares of the company's stock after acquiring an additional 228,391 shares during the quarter. Geode Capital Management LLC owned 2.00% of Rigetti Computing worth $58,767,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Signaturefd LLC purchased a new position in Rigetti Computing in the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing in the 4th quarter worth approximately $32,000. Spire Wealth Management acquired a new stake in Rigetti Computing in the fourth quarter valued at approximately $46,000. Finally, Jones Financial Companies Lllp purchased a new position in Rigetti Computing in the fourth quarter worth $50,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Rigetti Computing

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 completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.81% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RGTI. Needham & Company LLC reissued a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock. Alliance Global Partners reaffirmed 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 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, 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 note on Friday, February 14th. Five 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 $14.50.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock traded down $0.35 on Wednesday, reaching $8.27. 5,068,518 shares of the stock were exchanged, compared to its average volume of 48,583,087. The business has a 50 day moving average price of $9.44 and a two-hundred day moving average price of $7.47. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of -21.78 and a beta of 1.41. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month 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.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period in the prior year, the firm earned ($0.04) EPS. Analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share 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.