Nations Financial Group Inc. IA ADV Purchases New Shares in Rigetti Computing, Inc. (NASDAQ:RGTI)

Nations Financial Group Inc. IA ADV purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 174,959 shares of the company’s stock, valued at approximately $2,670,000.

A number of other institutional investors have also recently added to or reduced their stakes in RGTI. Spire Wealth Management acquired a new position in Rigetti Computing in the 4th quarter valued at $46,000. Activest Wealth Management acquired a new position in Rigetti Computing in the 4th quarter valued at $52,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Rigetti Computing in the 4th quarter valued at $76,000. Masso Torrence Wealth Management Inc. acquired a new position in Rigetti Computing in the 4th quarter valued at $153,000. Finally, Nova R Wealth Inc. acquired a new position in Rigetti Computing in the 4th quarter valued at $153,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 375,000 shares of company stock valued at $1,503,750 in the last quarter. Insiders own 2.81% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on RGTI shares. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. B. Riley boosted 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. Finally, Benchmark reissued a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $7.00.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock opened at $11.81 on Friday. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The business’s fifty day simple moving average is $11.99 and its 200-day simple moving average is $4.98. The firm has a market cap of $2.27 billion, a PE ratio of -31.08 and a beta of 1.26. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

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.