Arizona State Retirement System Takes $541,000 Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

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

A number of other large investors have also recently made changes to their positions in RGTI. JPMorgan Chase & Co. lifted its stake in Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after acquiring an additional 2,055,203 shares during the period. The Manufacturers Life Insurance Company acquired a new position in Rigetti Computing during the fourth quarter valued at $848,000. Alliancebernstein L.P. lifted its position in Rigetti Computing by 11.5% during 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 during the period. BNP Paribas Financial Markets purchased a new stake in Rigetti Computing in the fourth quarter valued at $316,000. Finally, Legal & General Group Plc grew its position in Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after purchasing an additional 1,817 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Trading Up 0.0%

Rigetti Computing stock traded up $0.01 during midday trading on Thursday, reaching $16.15. 23,397,934 shares of the stock traded hands, compared to its average volume of 74,607,813. 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 $4.69 billion, a PE ratio of -23.05 and a beta of 1.43. The company has a 50-day simple moving average of $12.73 and a two-hundred day simple moving average of $11.06.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. Needham & Company LLC decreased 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 note on Wednesday, May 14th. Benchmark reissued a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Finally, Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has an average rating of "Buy" and a consensus price target of $15.50.

Insider Buying and Selling

In other Rigetti Computing news, Director Ray O. Johnson sold 40,420 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the sale, the director owned 853,766 shares in the company, valued at $12,806,490. This represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.

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.