Caprock Group LLC Decreases Holdings in Rigetti Computing, Inc. (NASDAQ:RGTI)

Caprock Group LLC decreased its position in Rigetti Computing, Inc. (NASDAQ:RGTI) by 47.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 21,000 shares of the company’s stock after selling 18,711 shares during the quarter. Caprock Group LLC’s holdings in Rigetti Computing were worth $320,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after acquiring an additional 2,045 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Rigetti Computing in the fourth quarter worth $76,000. SG Americas Securities LLC boosted its position in Rigetti Computing by 10.5% during the fourth quarter. SG Americas Securities LLC now owns 69,856 shares of the company’s stock valued at $1,066,000 after buying an additional 6,654 shares during the period. Masso Torrence Wealth Management Inc. bought a new position in shares of Rigetti Computing during the fourth quarter valued at about $153,000. Finally, Sovereign Financial Group Inc. purchased a new position in shares of Rigetti Computing in the fourth quarter worth about $215,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Insider Activity at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last quarter. Corporate insiders own 2.81% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RGTI. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Benchmark restated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley raised their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and an average price target of $5.70.

Rigetti Computing Price Performance

RGTI opened at $13.83 on Thursday. 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 has a market capitalization of $2.66 billion, a PE ratio of -36.39 and a beta of 1.26. The stock’s 50 day moving average price is $10.50 and its 200-day moving average price is $4.37. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42.

About Rigetti Computing

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.