Axxcess Wealth Management LLC Makes New Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Axxcess Wealth Management LLC acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, Holdings Channel reports. The firm acquired 15,015 shares of the company’s stock, valued at approximately $229,000.

Several other large investors have also recently added to or reduced their stakes in the company. Signaturefd LLC bought a new position in Rigetti Computing during the 4th quarter worth $25,000. Cibc World Markets Corp bought a new position in Rigetti Computing during the 4th quarter worth $225,000. CV Advisors LLC bought a new position in Rigetti Computing during the 4th quarter worth $214,000. Commonwealth Equity Services LLC increased its position in Rigetti Computing by 1,487.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 205,957 shares of the company’s stock worth $3,143,000 after buying an additional 192,982 shares during the period. Finally, Avantax Advisory Services Inc. bought a new position in Rigetti Computing during the 4th quarter worth $1,149,000. Institutional investors own 35.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RGTI. Benchmark reiterated a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. B. Riley increased their target price on 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 reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing has a consensus rating of “Buy” and an average price target of $14.50.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $9.07 on Friday. The stock’s 50-day simple moving average is $10.75 and its 200 day simple moving average is $6.48. The firm has a market capitalization of $2.59 billion, a PE ratio of -23.87 and a beta of 1.36. 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, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42.

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

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the firm’s 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 sale, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.81% of the stock is currently owned by insiders.

Rigetti Computing 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.