Cresset Asset Management LLC Takes $548,000 Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Cresset Asset Management LLC purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 35,920 shares of the company’s stock, valued at approximately $548,000.

Several other large investors have also modified their holdings of RGTI. Barclays PLC raised its holdings in shares of Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of 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 in the last quarter. Sovereign Financial Group Inc. bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $215,000. Greenhouse Wealth Management LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $223,000. Finally, Arkadios Wealth Advisors bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $1,624,000. Institutional investors own 35.38% of the company’s stock.

Analyst Ratings Changes

RGTI has been the subject of several recent research reports. Needham & Company LLC reduced their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reiterated a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, B. Riley boosted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $14.00.

Insider Buying and Selling

In other news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction that occurred on 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 sale, the chief technology officer now directly owns 1,094,738 shares in the company, 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 filing with the Securities & Exchange Commission, which is available through this link. 1.90% of the stock is currently owned by insiders.

Rigetti Computing Stock Up 18.1%

RGTI stock opened at $11.64 on Thursday. The firm’s fifty day simple moving average is $9.14 and its 200-day simple moving average is $8.66. The company has a market capitalization of $3.33 billion, a P/E ratio of -30.63 and a beta of 1.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month 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 analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period in the prior year, the firm posted ($0.04) earnings per share. As a group, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current 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.