Raymond James Financial Inc. Makes New Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Raymond James Financial Inc. acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 156,994 shares of the company’s stock, valued at approximately $2,396,000. Raymond James Financial Inc. owned about 0.08% of Rigetti Computing as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. State Street Corp increased its holdings in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the period. Jane Street Group LLC increased its holdings in shares of Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after purchasing an additional 47,013 shares during the period. Barclays PLC increased its holdings in shares of Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after purchasing an additional 136,443 shares during the period. Geode Capital Management LLC increased its holdings in shares of Rigetti Computing by 20.6% during the third 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 period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Rigetti Computing by 3.4% during the third 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 period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Stock Performance

Shares of NASDAQ:RGTI opened at $8.86 on Wednesday. The company’s 50 day simple moving average is $8.86 and its 200 day simple moving average is $8.03. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -23.32 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 1 year low of $0.66 and a 1 year high of $21.42.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share 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 analysts’ expectations of $2.40 million. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on RGTI shares. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley lifted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Benchmark reissued a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $14.50.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the 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 directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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.