Lake Street Advisors Group LLC Purchases Shares of 15,000 Rigetti Computing, Inc. (NASDAQ:RGTI)

Lake Street Advisors Group LLC purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 15,000 shares of the company’s stock, valued at approximately $229,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Allworth Financial LP increased its holdings in shares of Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after purchasing an additional 1,504 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of 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. Spire Wealth Management acquired a new position in shares of Rigetti Computing in the fourth quarter valued at about $46,000. Activest Wealth Management acquired a new position in shares of Rigetti Computing in the fourth quarter valued at about $52,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Rigetti Computing in the fourth quarter valued at about $76,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RGTI. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Benchmark raised their target price on Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, B. Riley raised their target price on 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, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $9.30.

Rigetti Computing Stock Performance

Shares of RGTI stock opened at $8.46 on Friday. The company has a market capitalization of $1.63 billion, a P/E ratio of -22.26 and a beta of 1.26. The business’s 50 day moving average is $12.43 and its two-hundred day moving average is $5.59. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now owns 1,188,864 shares in the company, valued at approximately $4,755,456. This represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.81% of the stock is currently owned by company 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.