The Manufacturers Life Insurance Company Invests $848,000 in Rigetti Computing, Inc. (NASDAQ:RGTI)

The Manufacturers Life Insurance Company bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 55,566 shares of the company's stock, valued at approximately $848,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RGTI. Vanguard Group Inc. increased its position in Rigetti Computing by 81.7% during the 4th 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 during the period. Invesco Ltd. increased its holdings in Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after buying an additional 4,518,978 shares during the period. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after buying an additional 228,391 shares during the period. JPMorgan Chase & Co. boosted its position in Rigetti Computing by 3,295.7% during the 4th 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Rigetti Computing by 15.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company's stock valued at $20,290,000 after acquiring an additional 179,656 shares during the period. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Trading Up 2.7%

Shares of RGTI stock traded up $0.31 during trading on Friday, hitting $11.85. 66,732,088 shares of the stock traded hands, compared to its average volume of 52,050,076. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42. The firm has a market capitalization of $3.39 billion, a P/E ratio of -31.18 and a beta of 1.41. The firm's fifty day moving average price is $9.21 and its 200-day moving average price is $8.73. 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 (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The company had revenue of $2.27 million for the quarter, compared to analysts' expectations of $2.40 million. During the same quarter in the prior year, the company posted ($0.04) earnings per share. As a group, research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RGTI has been the subject of several analyst reports. B. Riley increased their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Needham & Company LLC dropped their target price on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Benchmark reaffirmed a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing currently has a consensus rating of "Buy" and an average price target of $14.00.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred 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 completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.90% of the stock is owned by corporate insiders.

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.