US Bancorp DE Makes New $74,000 Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

US Bancorp DE acquired a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 4,828 shares of the company’s stock, valued at approximately $74,000.

Other large investors have also recently bought and sold shares of the company. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the third quarter worth about $45,000. Spire Wealth Management acquired a new position in shares of Rigetti Computing during the 4th quarter valued at about $46,000. JPMorgan Chase & Co. raised its stake 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 acquiring an additional 2,045 shares in the last quarter. Activest Wealth Management acquired a new stake in Rigetti Computing in the 4th quarter worth approximately $52,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in Rigetti Computing during the fourth quarter worth approximately $76,000. 35.38% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction dated 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 sale, 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 legal filing with the SEC, which is available through this hyperlink. 2.81% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $11.16 on Tuesday. The firm has a fifty day moving average price of $10.94 and a two-hundred day moving average price of $6.27. 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 current ratio of 4.84 and a quick ratio of 4.84. The company has a market cap of $3.19 billion, a PE ratio of -29.37 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.40 million. During the same quarter last year, the company earned ($0.04) earnings per share. Analysts expect that Rigetti Computing, Inc. will post -0.34 EPS 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.