LMR Partners LLP Takes $3.86 Million Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

LMR Partners LLP acquired a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 253,055 shares of the company's stock, valued at approximately $3,862,000. LMR Partners LLP owned approximately 0.13% of Rigetti Computing as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Veracity Capital LLC bought a new stake in Rigetti Computing during the 4th quarter valued at about $410,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $83,000. Barclays PLC grew its holdings in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock worth $145,000 after purchasing an additional 136,443 shares during the last quarter. Stephens Inc. AR purchased a new position in Rigetti Computing in the fourth quarter worth $229,000. Finally, 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 worth $32,314,000 after purchasing an additional 2,055,203 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RGTI. Benchmark reaffirmed a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday. B. Riley lifted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC cut their price target 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. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $14.00.

Rigetti Computing Stock Performance

Rigetti Computing stock traded up $0.31 during mid-day trading on Friday, reaching $11.85. 66,732,088 shares of the company traded hands, compared to its average volume of 52,439,393. 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 fifty-two week low of $0.66 and a fifty-two week high of $21.42. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of -31.18 and a beta of 1.41. The firm's fifty day moving average is $9.29 and its two-hundred day moving average is $8.86.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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 analyst estimates of $2.40 million. During the same quarter in the prior year, the business posted ($0.04) EPS. On average, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other 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 value of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This represents a 24.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.90% of the stock is currently owned by company insiders.

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.