Bank of Montreal Can Invests $341,000 in Rigetti Computing, Inc. (NASDAQ:RGTI)

Bank of Montreal Can acquired a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 22,343 shares of the company’s stock, valued at approximately $341,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Rigetti Computing by 81.7% during the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after acquiring an additional 2,055,203 shares during the last quarter. Geode Capital Management LLC grew its holdings in Rigetti Computing by 20.6% during 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 increased its holdings in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the last quarter. Finally, UNICOM Systems Inc. purchased a new stake in Rigetti Computing during the fourth quarter valued at about $4,349,000. Institutional investors own 35.38% of the company’s stock.

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing 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 owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.81% of the stock is owned by insiders.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI opened at $9.15 on Thursday. 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. The stock’s 50-day moving average is $9.02 and its 200 day moving average is $7.74. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of -24.07 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period in the prior year, the business posted ($0.04) earnings per share. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on RGTI. Needham & Company LLC reissued a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley increased their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Benchmark restated a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has an average rating of “Buy” and a consensus price target of $14.50.

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.