Kellett Wealth Advisors LLC Purchases New Shares in Rigetti Computing, Inc. (NASDAQ:RGTI)

Kellett Wealth Advisors LLC bought a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 15,033 shares of the company’s stock, valued at approximately $229,000.

Several other institutional investors have also added to or reduced their stakes in the company. Lake Street Advisors Group LLC bought a new position in Rigetti Computing in the 4th quarter valued at approximately $229,000. Bank of New York Mellon Corp boosted its holdings in shares of Rigetti Computing by 27.4% during the 4th quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company’s stock worth $6,817,000 after buying an additional 96,099 shares in the last quarter. Private Advisor Group LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $1,267,000. Global Retirement Partners LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at $193,000. Finally, New York State Common Retirement Fund lifted its position in shares of Rigetti Computing by 90.6% during the 4th quarter. New York State Common Retirement Fund now owns 32,600 shares of the company’s stock valued at $497,000 after acquiring an additional 15,500 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Trading Down 10.8 %

NASDAQ:RGTI opened at $9.03 on Wednesday. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42. The company has a market cap of $1.74 billion, a PE ratio of -23.76 and a beta of 1.26. 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 firm has a 50-day moving average of $12.47 and a 200-day moving average of $5.49.

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on RGTI. Benchmark raised their price target on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Finally, B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $9.30.

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.