LVW Advisors LLC Invests $305,000 in Rigetti Computing, Inc. (NASDAQ:RGTI)

LVW Advisors LLC acquired a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 20,000 shares of the company’s stock, valued at approximately $305,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Penserra Capital Management LLC boosted its holdings in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after buying an additional 407,389 shares in the last quarter. Geode Capital Management LLC increased its stake in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. State Street Corp raised its holdings in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after purchasing an additional 400,143 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley lifted their price objective on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Craig Hallum began coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has an average rating of “Buy” and a consensus price target of $5.70.

Insider Activity

In related news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the transaction, the insider now directly owns 19,002,093 shares in the company, valued at approximately $30,973,411.59. This represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last quarter.

Rigetti Computing Stock Down 12.5 %

RGTI stock opened at $9.83 on Tuesday. The company has a 50 day moving average price of $7.79 and a two-hundred day moving average price of $3.37. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a market capitalization of $1.89 billion, a P/E ratio of -25.87 and a beta of 1.31. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42.

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.