Hsbc Holdings PLC Boosts Holdings in Rigetti Computing, Inc. (NASDAQ:RGTI)

Hsbc Holdings PLC raised its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 12.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 20,154 shares of the company’s stock after buying an additional 2,222 shares during the period. Hsbc Holdings PLC’s holdings in Rigetti Computing were worth $334,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of RGTI. Allworth Financial LP lifted its holdings in Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after acquiring an additional 1,504 shares during the period. Signaturefd LLC purchased a new stake in Rigetti Computing during the fourth quarter worth $25,000. Legal & General Group Plc grew its position in Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after buying an additional 1,817 shares during the period. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing in the fourth quarter valued at $28,000. Finally, JPMorgan Chase & Co. increased its holdings in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after buying an additional 2,045 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Stock Up 11.5 %

Shares of RGTI opened at $10.31 on Friday. The stock has a 50 day moving average price of $8.94 and a 200 day moving average price of $8.40. Rigetti Computing, Inc. has a one year low of $0.66 and a one year 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 stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of -27.13 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 quarter in the prior year, the firm earned ($0.04) earnings per share. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.81% of the stock is owned by insiders.

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.