Avantax Advisory Services Inc. Invests $1.15 Million in Rigetti Computing, Inc. (NASDAQ:RGTI)

Avantax Advisory Services Inc. bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 75,269 shares of the company’s stock, valued at approximately $1,149,000.

Several other hedge funds have also added to or reduced their stakes in RGTI. Allworth Financial LP increased its position in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after buying an additional 1,504 shares during the period. EverSource Wealth Advisors LLC bought a new position in Rigetti Computing during the fourth quarter worth about $28,000. JPMorgan Chase & Co. boosted its holdings in Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares during the period. Spire Wealth Management acquired a new position in shares of Rigetti Computing during the 4th quarter worth approximately $46,000. Finally, Jones Financial Companies Lllp bought a new position in shares of Rigetti Computing during the fourth quarter worth approximately $50,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Price Performance

RGTI stock opened at $9.90 on Thursday. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of -26.05 and a beta of 1.36. 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 has a 50 day simple moving average of $10.77 and a 200 day simple moving average of $6.36. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period in the prior year, the business earned ($0.04) earnings per share. Research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of recent research reports. Benchmark restated a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, B. Riley increased their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has an average rating of “Buy” and an average price target of $14.50.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing 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 owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.81% of the stock is owned by company 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.