Pure Financial Advisors LLC Purchases New Shares in Rigetti Computing, Inc. (NASDAQ:RGTI)

Pure Financial Advisors LLC acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 16,520 shares of the company’s stock, valued at approximately $252,000.

Several other institutional investors have also added to or reduced their stakes in the stock. LVW Advisors LLC bought a new stake in shares of Rigetti Computing during the 4th quarter valued at about $305,000. Arkadios Wealth Advisors bought a new stake in Rigetti Computing during the 4th quarter valued at approximately $1,624,000. Greenhouse Wealth Management LLC bought a new stake in Rigetti Computing during the 4th quarter valued at approximately $223,000. Sovereign Financial Group Inc. purchased a new position in shares of Rigetti Computing during the 4th quarter worth approximately $215,000. Finally, Silverleafe Capital Partners LLC bought a new position in shares of Rigetti Computing in the 4th quarter worth approximately $554,000. 35.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on RGTI. 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 on the stock. B. Riley boosted their target price on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday, January 14th. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Benchmark reissued a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $5.70.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock valued at $5,489,354.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock opened at $13.91 on Thursday. 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 $8.21 and its 200 day moving average is $3.52. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of -36.60 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

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.