Level Four Advisory Services LLC Takes Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Level Four Advisory Services LLC acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 25,889 shares of the company’s stock, valued at approximately $395,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Silverleafe Capital Partners LLC acquired a new position in Rigetti Computing in the 4th quarter valued at $554,000. State Street Corp grew its position in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares during the last quarter. Geode Capital Management LLC lifted its position in 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 buying an additional 617,506 shares during the period. Finally, Veracity Capital LLC acquired a new stake in Rigetti Computing in the 4th quarter worth about $410,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $7.92 on Tuesday. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of -20.84 and a beta of 1.36. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm’s fifty day simple moving average is $10.68 and its 200 day simple moving average is $6.86.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) 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 company had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. During the same quarter last year, the firm posted ($0.04) earnings per share. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on RGTI shares. Craig Hallum started coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. B. Riley boosted 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Benchmark restated a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $14.50.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on 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 sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.81% of the company’s stock.

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.