Traynor Capital Management Inc. Makes New Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Traynor Capital Management Inc. purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,000 shares of the company’s stock, valued at approximately $244,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sovereign Financial Group Inc. bought a new position in Rigetti Computing in the 4th quarter worth about $215,000. Greenhouse Wealth Management LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth approximately $223,000. Pure Financial Advisors LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $252,000. LVW Advisors LLC bought a new stake in Rigetti Computing during the fourth quarter valued at approximately $305,000. Finally, Silverleafe Capital Partners LLC purchased a new position in Rigetti Computing in the 4th quarter worth approximately $554,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the sale, the director now owns 1,188,864 shares of the company’s stock, valued at $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,955,125 shares of company stock worth $5,489,354. Insiders own 2.81% of the company’s stock.

Rigetti Computing Price Performance

RGTI opened at $13.47 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock’s 50 day simple moving average is $8.45 and its 200 day simple moving average is $3.59. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of -35.45 and a beta of 1.31. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42.

Wall Street Analyst Weigh In

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

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.