Silverleafe Capital Partners LLC Makes New $554,000 Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Silverleafe Capital Partners LLC purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 36,287 shares of the company’s stock, valued at approximately $554,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RGTI. Geode Capital Management LLC increased its position in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Penserra Capital Management LLC grew its stake in Rigetti Computing by 9.8% during the 3rd 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 during the last quarter. Bank of New York Mellon Corp increased its position in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after buying an additional 400,143 shares during the period. State Street Corp lifted its stake in 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 buying an additional 309,831 shares during the last quarter. Finally, Rhumbline Advisers acquired a new stake in shares of Rigetti Computing in the second quarter valued at approximately $161,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. The trade was a 3.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the sale, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 in the last 90 days. 2.81% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

RGTI has been the topic of several research reports. Needham & Company LLC reissued 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 set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, B. Riley increased their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Five equities research 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 $4.80.

Rigetti Computing Price Performance

NASDAQ:RGTI traded up $0.20 during trading hours on Monday, hitting $19.22. The company’s stock had a trading volume of 99,991,142 shares, compared to its average volume of 148,779,984. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42. 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 business’s 50-day moving average is $5.78 and its two-hundred day moving average is $2.63. The company has a market capitalization of $3.70 billion, a PE ratio of -50.58 and a beta of 1.31.

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.