American Century Companies Inc. Buys 532,352 Shares of Rigetti Computing, Inc. $RGTI

American Century Companies Inc. boosted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 1,309.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 573,022 shares of the company's stock after purchasing an additional 532,352 shares during the period. American Century Companies Inc. owned about 0.20% of Rigetti Computing worth $4,538,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company bought a new position in Rigetti Computing in the 4th quarter valued at approximately $848,000. BNP Paribas Financial Markets bought a new position in Rigetti Computing in the 4th quarter valued at approximately $316,000. Janney Montgomery Scott LLC bought a new position in Rigetti Computing in the 1st quarter valued at approximately $206,000. Nuveen Asset Management LLC lifted its stake in Rigetti Computing by 418.6% in the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock valued at $15,254,000 after purchasing an additional 806,878 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in Rigetti Computing by 33.1% in the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after purchasing an additional 1,622 shares during the last quarter. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Down 2.1%

Shares of NASDAQ RGTI opened at $16.23 on Friday. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42. The firm has a fifty day simple moving average of $14.59 and a 200 day simple moving average of $11.67. The company has a market capitalization of $5.26 billion, a PE ratio of -21.36 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The business had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. As a group, equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Needham & Company LLC raised their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research note on Wednesday, August 13th. B. Riley raised their price target on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Finally, Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research note on Wednesday, July 16th. Six investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $17.43.

Insider Activity

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the sale, the chief financial officer directly owned 183,581 shares in the company, valued at approximately $2,724,342.04. This trade represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO David Rivas sold 44,355 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total transaction of $658,671.75. Following the completion of the sale, the chief technology officer owned 730,568 shares of the company's stock, valued at $10,848,934.80. The trade was a 5.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,694 shares of company stock worth $1,698,130 over the last ninety days. Corporate insiders own 1.90% of the company's stock.

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.

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