Rigetti Computing, Inc. (NASDAQ:RGTI) Shares Sold by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lowered its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI) by 91.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 80,000 shares of the company’s stock after selling 820,000 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Rigetti Computing were worth $1,221,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in RGTI. Charles Schwab Investment Management Inc. boosted its position in shares of Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after buying an additional 144,742 shares during the period. State Street Corp boosted its holdings in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the period. Jane Street Group LLC grew its position in Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after acquiring an additional 47,013 shares in the last quarter. Barclays PLC grew its holdings in Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RGTI. Benchmark reaffirmed a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley increased their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing presently has a consensus rating of “Buy” and an average price target of $14.50.

Insiders Place Their Bets

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 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 directly owns 1,094,738 shares in the company, 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 legal filing with the SEC, which is available at this link. 2.81% of the stock is owned by corporate insiders.

Rigetti Computing Stock Down 4.0 %

Shares of Rigetti Computing stock opened at $8.15 on Friday. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average price of $10.35 and a 200 day moving average price of $6.93. Rigetti Computing, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The firm has a market cap of $2.33 billion, a P/E ratio of -21.45 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The business had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. During the same period in the prior year, the company posted ($0.04) EPS. On average, sell-side analysts forecast 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.