Nova R Wealth Inc. Invests $153,000 in Rigetti Computing, Inc. (NASDAQ:RGTI)

Nova R Wealth Inc. purchased a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,000 shares of the company’s stock, valued at approximately $153,000.

Other institutional investors also recently modified their holdings of the company. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the third quarter worth $45,000. Spire Wealth Management acquired a new stake in Rigetti Computing in the fourth quarter valued at $46,000. SG Americas Securities LLC increased its holdings in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares during the period. JPMorgan Chase & Co. increased its holdings in Rigetti Computing by 3.4% in the third 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 during the period. Finally, Activest Wealth Management acquired a new stake in Rigetti Computing in the fourth quarter valued at $52,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Stock Performance

RGTI stock opened at $12.25 on Friday. The company’s 50-day moving average is $11.66 and its 200-day moving average is $4.83. 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.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark restated a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley increased their price objective on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Five equities research 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 $5.70.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the sale, the director now owns 1,188,864 shares in the company, valued at $4,755,456. This represents a 9.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 375,000 shares of company stock valued at $1,503,750 in the last 90 days. 2.81% of the stock is currently owned by corporate insiders.

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.