SBI Securities Co. Ltd. Takes Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

SBI Securities Co. Ltd. bought a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 229,528 shares of the company’s stock, valued at approximately $3,503,000. SBI Securities Co. Ltd. owned about 0.12% of Rigetti Computing at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the third quarter valued at about $45,000. Spire Wealth Management acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $46,000. JPMorgan Chase & Co. raised its position in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after acquiring an additional 2,045 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at about $50,000. Finally, Activest Wealth Management purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at about $52,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum assumed coverage on shares of 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 upped 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. Finally, Benchmark upped their price objective on shares of Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a research note on Friday, February 21st.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.81% of the stock is owned by corporate insiders.

Rigetti Computing Trading Up 5.4 %

Rigetti Computing stock opened at $8.46 on Friday. 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, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The firm’s 50-day moving average is $12.43 and its 200-day moving average is $5.62. The company has a market cap of $1.63 billion, a P/E ratio of -22.26 and a beta of 1.26.

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.