Sovereign Financial Group Inc. Makes New $215,000 Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Sovereign Financial Group Inc. bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 14,100 shares of the company’s stock, valued at approximately $215,000.

Other hedge funds also recently made changes to their positions in the company. Arete Wealth Advisors LLC purchased a new stake in Rigetti Computing during the third quarter worth about $45,000. SG Americas Securities LLC grew its position in shares of Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after acquiring an additional 39,526 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of Rigetti Computing in the 2nd quarter worth approximately $88,000. Finally, Barclays PLC lifted its stake in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

Insider Activity

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction 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 completion of the sale, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the transaction, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on RGTI shares. Needham & Company LLC restated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley upped their price objective on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday. Craig Hallum began 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 for the company. Finally, Benchmark restated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Up 22.2 %

RGTI stock opened at $10.94 on Thursday. The stock has a 50-day simple moving average of $7.24 and a two-hundred day simple moving average of $3.16. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42. The firm has a market capitalization of $2.10 billion, a PE ratio of -28.79 and a beta of 1.31. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

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.