Comprehensive Financial Management LLC Sells 583,300 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Comprehensive Financial Management LLC lessened its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 79.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 153,162 shares of the company’s stock after selling 583,300 shares during the period. Rigetti Computing accounts for about 0.1% of Comprehensive Financial Management LLC’s holdings, making the stock its 21st biggest holding. Comprehensive Financial Management LLC’s holdings in Rigetti Computing were worth $2,337,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of RGTI. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after buying an additional 5,280,128 shares in the last quarter. Invesco Ltd. raised its position in Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after acquiring an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after acquiring an additional 2,055,203 shares during the period. Geode Capital Management LLC increased its stake in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Rigetti Computing by 536.3% in the 4th quarter. Bank of America Corp DE now owns 505,070 shares of the company’s stock valued at $7,707,000 after purchasing an additional 425,689 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Stock Up 0.9 %

RGTI opened at $9.78 on Wednesday. The stock has a fifty day moving average of $8.87 and a 200-day moving average of $8.33. The company has a market capitalization of $2.80 billion, a P/E ratio of -25.74 and a beta of 1.41. Rigetti Computing, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $2.27 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the business posted ($0.04) EPS. On average, equities analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on RGTI shares. Benchmark reissued a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley lifted their price objective 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. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $17.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and an average target price of $14.50.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.81% of the company’s stock.

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.