Arizona State Retirement System Makes New $541,000 Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Arizona State Retirement System acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 68,322 shares of the company's stock, valued at approximately $541,000.

Several other hedge funds also recently bought and sold shares of RGTI. JPMorgan Chase & Co. raised its position in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after acquiring an additional 2,055,203 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Rigetti Computing in the 4th quarter worth approximately $848,000. Alliancebernstein L.P. grew its holdings in shares of Rigetti Computing by 11.5% in the fourth quarter. Alliancebernstein L.P. now owns 155,480 shares of the company's stock valued at $2,373,000 after purchasing an additional 15,980 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Rigetti Computing in the fourth quarter valued at about $316,000. Finally, Legal & General Group Plc increased its holdings in Rigetti Computing by 14.9% in the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after buying an additional 1,817 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the sale, the director directly owned 853,766 shares in the company, valued at $12,806,490. The trade was a 2.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ray O. Johnson sold 40,420 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 $606,300.00. Following the sale, the director owned 419,756 shares in the company, valued at approximately $6,296,340. This represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Rigetti Computing Stock Down 4.0%

NASDAQ:RGTI traded down $0.65 during midday trading on Tuesday, reaching $15.43. The stock had a trading volume of 40,439,718 shares, compared to its average volume of 60,857,775. The firm has a fifty day simple moving average of $12.43 and a two-hundred day simple moving average of $11.01. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The stock has a market cap of $4.48 billion, a P/E ratio of -22.04 and a beta of 1.43.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RGTI shares. Benchmark reaffirmed a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note on Wednesday, July 16th. Cantor Fitzgerald assumed coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective on the stock. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Needham & Company LLC reduced their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $14.83.

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.