Bank of Montreal Can Takes Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Bank of Montreal Can bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 22,343 shares of the company’s stock, valued at approximately $341,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RGTI. Envestnet Asset Management Inc. bought a new position in Rigetti Computing during the fourth quarter worth about $456,000. Thoroughbred Financial Services LLC acquired a new stake in Rigetti Computing during the fourth quarter worth approximately $175,000. Geode Capital Management LLC boosted its stake in Rigetti Computing by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock valued at $58,767,000 after purchasing an additional 228,391 shares during the period. Diametric Capital LP acquired a new position in shares of Rigetti Computing in the fourth quarter valued at about $363,000. Finally, HighPoint Advisor Group LLC acquired a new position in shares of Rigetti Computing in the fourth quarter valued at about $204,000. 35.38% of the stock is owned by institutional investors.

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 shares were sold at an average price of $7.76, for a total value 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.81% of the stock is owned by insiders.

Analysts Set New Price Targets

RGTI has been the topic of a number of analyst reports. B. Riley increased their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reiterated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has a consensus rating of “Buy” and an average price target of $14.50.

Rigetti Computing Stock Up 6.7 %

NASDAQ:RGTI opened at $9.15 on Thursday. 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 one year low of $0.66 and a one year high of $21.42. The firm’s 50 day simple moving average is $9.02 and its 200 day simple moving average is $7.74. The company has a market cap of $2.61 billion, a PE ratio of -24.07 and a beta of 1.41.

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 the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The business had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same period last year, the company earned ($0.04) EPS. On average, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

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.