Mark Sheptoff Financial Planning LLC Invests $478,000 in Rigetti Computing, Inc. (NASDAQ:RGTI)

Mark Sheptoff Financial Planning LLC bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 31,300 shares of the company’s stock, valued at approximately $478,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Rigetti Computing by 81.7% during the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after purchasing an additional 5,280,128 shares during the last quarter. Penserra Capital Management LLC lifted its position in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after buying an additional 407,389 shares in the last quarter. Geode Capital Management LLC grew its holdings in 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 acquiring an additional 617,506 shares during the last quarter. State Street Corp increased its position in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Rigetti Computing by 15.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company’s stock worth $20,290,000 after acquiring an additional 179,656 shares during the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated Tuesday, March 11th. The stock was 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 directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.81% of the stock is owned by company insiders.

Rigetti Computing Trading Up 0.4 %

NASDAQ:RGTI opened at $9.82 on Wednesday. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of -25.84 and a beta of 1.36. The business’s 50-day moving average price is $10.85 and its two-hundred day moving average price is $6.65.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting 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 business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period last year, the company posted ($0.04) EPS. On average, equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RGTI. Benchmark reissued a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. B. Riley upped their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $14.50.

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.