14,100 Shares in Rigetti Computing, Inc. (NASDAQ:RGTI) Acquired by Sovereign Financial Group Inc.

Sovereign Financial Group Inc. bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 14,100 shares of the company’s stock, valued at approximately $215,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Silverleafe Capital Partners LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth $554,000. Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the 3rd quarter worth about $45,000. JPMorgan Chase & Co. boosted its position in shares of Rigetti Computing by 3.4% during the 3rd 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 in the last quarter. SG Americas Securities LLC grew its stake in Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares during the period. Finally, Point72 DIFC Ltd bought a new stake in Rigetti Computing in the second quarter worth approximately $88,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

RGTI opened at $10.94 on Thursday. The company has a market cap of $2.10 billion, a price-to-earnings ratio of -28.79 and a beta of 1.31. The company’s fifty day moving average price is $7.24 and its two-hundred day moving average price is $3.16. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year 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.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the transaction, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This trade represents a 3.31 % decrease in their ownership of the stock. 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 three months. Corporate insiders own 2.81% of the company’s stock.

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.