PFG Investments LLC Purchases New Stake in Rigetti Computing, Inc. (NASDAQ:RGTI)

PFG Investments LLC acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 86,690 shares of the company's stock, valued at approximately $687,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in 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. raised its holdings in shares of Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after buying an additional 2,055,203 shares during the period. Nuveen Asset Management LLC raised its stake in 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 acquiring an additional 806,878 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Rigetti Computing by 536.3% during the fourth quarter. Bank of America Corp DE now owns 505,070 shares of the company's stock valued at $7,707,000 after acquiring an additional 425,689 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI traded down $0.04 during trading on Friday, reaching $11.07. The company had a trading volume of 52,279,507 shares, compared to its average volume of 58,155,226. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The business's 50 day moving average price is $11.10 and its 200-day moving average price is $10.80. The stock has a market cap of $3.21 billion, a PE ratio of -15.81 and a beta of 1.50.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Needham & Company LLC dropped their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Benchmark reissued a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $14.00.

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.