Teacher Retirement System of Texas bought a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 34,841 shares of the company's stock, valued at approximately $276,000.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings 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 worth $179,249,000 after purchasing an additional 5,280,128 shares during the period. Invesco Ltd. lifted its holdings in shares of Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after purchasing an additional 4,518,978 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock worth $15,254,000 after purchasing an additional 806,878 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Rigetti Computing by 536.3% in the fourth quarter. Bank of America Corp DE now owns 505,070 shares of the company's stock valued at $7,707,000 after buying an additional 425,689 shares during the period. Institutional investors and hedge funds own 35.38% of the company's stock.
Rigetti Computing Trading Up 0.1%
Shares of RGTI stock traded up $0.02 during trading hours on Friday, hitting $17.16. 56,342,411 shares of the company were exchanged, compared to its average volume of 61,005,606. The firm has a fifty day simple moving average of $12.43 and a 200 day simple moving average of $11.08. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42. The stock has a market capitalization of $4.98 billion, a price-to-earnings ratio of -24.51 and a beta of 1.43.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on RGTI. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a report on Wednesday. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Wednesday. Benchmark reiterated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, May 15th. Finally, Needham & Company LLC dropped their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $14.83.
View Our Latest Analysis on RGTI
Insider Activity at Rigetti Computing
In related news, Director Michael S. Clifton sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the transaction, the director directly owned 853,766 shares of the company's stock, valued at approximately $12,806,490. This trade represents a 2.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the completion of the transaction, the director directly owned 419,756 shares of the company's stock, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.90% of the company's stock.
Rigetti Computing Profile
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Free Report)
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.
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