Arete Wealth Advisors LLC Lowers Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Arete Wealth Advisors LLC lessened its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 26.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,200 shares of the company’s stock after selling 15,500 shares during the period. Arete Wealth Advisors LLC’s holdings in Rigetti Computing were worth $644,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in RGTI. Geode Capital Management LLC increased its stake in Rigetti Computing by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock worth $58,767,000 after purchasing an additional 228,391 shares during the period. Diametric Capital LP purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $363,000. HighPoint Advisor Group LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth $204,000. Alliancebernstein L.P. grew its stake in shares of Rigetti Computing by 11.5% in the fourth quarter. Alliancebernstein L.P. now owns 155,480 shares of the company’s stock worth $2,373,000 after acquiring an additional 15,980 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in Rigetti Computing during the 4th quarter valued at $2,876,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their position. The sale 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.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reaffirmed a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. B. Riley upped their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $14.50.

Rigetti Computing Trading Down 8.0 %

RGTI opened at $7.50 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 company’s 50 day simple moving average is $10.23 and its two-hundred day simple moving average is $6.98. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of -19.74 and a beta of 1.36. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $2.40 million. During the same period in the prior year, the business posted ($0.04) EPS. 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.