Raymond James Financial Inc. Purchases New Shares in Rigetti Computing, Inc. (NASDAQ:RGTI)

Raymond James Financial Inc. acquired a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 156,994 shares of the company's stock, valued at approximately $2,396,000. Raymond James Financial Inc. owned approximately 0.08% of Rigetti Computing at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of RGTI. Signaturefd LLC bought a new stake in Rigetti Computing in the fourth quarter valued at $25,000. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing during the 4th quarter valued at about $28,000. Tucker Asset Management LLC bought a new stake in Rigetti Computing during the fourth quarter worth about $32,000. Spire Wealth Management bought a new position in shares of Rigetti Computing during the fourth quarter valued at $46,000. Finally, JPMorgan Chase & Co. increased its position in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after acquiring an additional 2,045 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RGTI has been the subject of a number of recent research reports. Benchmark reissued a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reiterated a "buy" rating and set a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, B. Riley increased their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $14.50.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the business'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 completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.81% of the company's stock.

Rigetti Computing Stock Performance

Shares of NASDAQ:RGTI traded up $1.49 during trading on Friday, hitting $10.63. 68,986,331 shares of the stock were exchanged, compared to its average volume of 49,911,644. 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 company's fifty day simple moving average is $8.83 and its 200-day simple moving average is $8.16. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of -27.97 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted 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 analysts' expectations of $2.40 million. During the same period in the previous year, the firm posted ($0.04) EPS. Sell-side 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.