387,420 Shares in Rigetti Computing, Inc. (NASDAQ:RGTI) Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 387,420 shares of the company's stock, valued at approximately $3,068,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.14% of Rigetti Computing as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new position in Rigetti Computing during the fourth quarter worth about $848,000. Alliancebernstein L.P. boosted its holdings in Rigetti Computing by 11.5% during the fourth quarter. Alliancebernstein L.P. now owns 155,480 shares of the company's stock worth $2,373,000 after purchasing an additional 15,980 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in Rigetti Computing in the fourth quarter worth about $316,000. Legal & General Group Plc raised its position in Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after acquiring an additional 1,817 shares during the period. Finally, Janney Montgomery Scott LLC bought a new stake in Rigetti Computing in the first quarter worth about $206,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Stock Up 1.4%

NASDAQ RGTI opened at $16.20 on Wednesday. The company's 50 day moving average is $13.48 and its 200-day moving average is $11.40. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The firm has a market cap of $4.70 billion, a P/E ratio of -23.14 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 1,541.36% and a negative return on equity of 47.63%. The company had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. Equities analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Needham & Company LLC lifted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. B. Riley lifted their price objective on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective on the stock. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $16.00.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 25,000 shares of the business'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 sale, the director owned 853,766 shares of the company's stock, valued at $12,806,490. The trade was a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the company'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 sale, the director directly owned 419,756 shares in the company, valued at $6,296,340. This trade represents a 8.78% decrease in their position. The disclosure for this sale can be found here.

Rigetti Computing 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.

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