Fortis Group Advisors LLC Purchases New Stake in Rigetti Computing, Inc. (NASDAQ:RGTI)

Fortis Group Advisors LLC acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, Holdings Channel reports. The fund acquired 14,518 shares of the company’s stock, valued at approximately $222,000.

Other hedge funds have also recently bought and sold shares of the company. Silverleafe Capital Partners LLC purchased a new position in Rigetti Computing during the 4th quarter worth $554,000. State Street Corp boosted its holdings in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares during the last quarter. Geode Capital Management LLC boosted 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. Finally, Veracity Capital LLC purchased a new position in Rigetti Computing during the 4th quarter worth $410,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the sale, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 375,000 shares of company stock worth $1,503,750. Company insiders own 2.81% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on RGTI. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, B. Riley boosted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $7.00.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI opened at $10.52 on Wednesday. Rigetti Computing, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The company’s 50-day moving average is $12.22 and its 200 day moving average is $5.15. The company has a market capitalization of $2.02 billion, a P/E ratio of -27.68 and a beta of 1.26. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

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.