Princeton Capital Management LLC Trims Stake in Rigetti Computing, Inc. (NASDAQ:RGTI)

Princeton Capital Management LLC cut its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 54.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 17,784 shares of the company’s stock after selling 21,451 shares during the quarter. Princeton Capital Management LLC’s holdings in Rigetti Computing were worth $271,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after buying an additional 5,280,128 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of 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 acquiring an additional 617,506 shares during the period. Penserra Capital Management LLC lifted its holdings in shares of Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after acquiring an additional 407,389 shares during the last quarter. State Street Corp boosted its position in shares of 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 purchasing an additional 309,831 shares during the period. Finally, UNICOM Systems Inc. acquired a new stake in Rigetti Computing in the 4th quarter valued at approximately $4,349,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of research reports. Needham & Company LLC restated a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley boosted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Benchmark reaffirmed a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing currently has an average rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Stock Up 7.8 %

Shares of NASDAQ RGTI opened at $9.78 on Tuesday. The stock has a market cap of $2.80 billion, a P/E ratio of -25.74 and a beta of 1.36. The business’s fifty day simple moving average is $10.83 and its 200-day simple moving average is $6.58. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. 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 (NASDAQ:RGTI) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same quarter in the prior year, the business earned ($0.04) EPS. As a group, equities analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.81% of the stock is owned by corporate insiders.

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.