Spire Wealth Management Makes New $46,000 Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Spire Wealth Management purchased a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,985 shares of the company’s stock, valued at approximately $46,000.

Several other hedge funds also recently bought and sold shares of the stock. Penserra Capital Management LLC increased its position 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 grew its position in shares of Rigetti Computing by 20.6% in the third 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 during the period. State Street Corp grew its position in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares during the period. Finally, Jane Street Group LLC grew its position in shares of Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the transaction, the insider now owns 19,002,093 shares in the company, valued at approximately $30,973,411.59. The trade was a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael S. Clifton sold 125,000 shares of the company’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 sale, the director now owns 1,313,864 shares in the company, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 955,125 shares of company stock worth $2,449,354 over the last quarter. 2.81% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

RGTI has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, B. Riley lifted their target price on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday, January 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $5.70.

Rigetti Computing Trading Down 3.3 %

Shares of RGTI opened at $12.85 on Monday. The stock’s 50-day moving average is $11.14 and its two-hundred day moving average is $4.60. The stock has a market cap of $2.47 billion, a PE ratio of -33.81 and a beta of 1.26. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month high of $21.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

About Rigetti Computing

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.