Bank of New York Mellon Corp boosted its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 24.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 557,094 shares of the company's stock after acquiring an additional 110,402 shares during the period. Bank of New York Mellon Corp owned 0.19% of Rigetti Computing worth $4,412,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $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 worth $2,373,000 after buying an additional 15,980 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Rigetti Computing during the fourth quarter worth approximately $316,000. Finally, Legal & General Group Plc boosted 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 valued at $214,000 after purchasing an additional 1,817 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.
Wall Street Analyst Weigh In
RGTI has been the topic of several recent analyst reports. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. Benchmark reaffirmed a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. B. Riley increased their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a report on Wednesday. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Needham & Company LLC reduced their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has an average rating of "Buy" and a consensus price target of $15.50.
Read Our Latest Report on RGTI
Insider Buying and Selling
In related news, Director Ray O. Johnson sold 40,420 shares of the 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 completion of the sale, the director directly owned 419,756 shares in the company, valued at approximately $6,296,340. This represents a 8.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 25,000 shares of the firm's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the sale, the director directly owned 853,766 shares of the company's stock, valued at approximately $12,806,490. The trade was a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.90% of the company's stock.
Rigetti Computing Price Performance
Shares of NASDAQ RGTI opened at $15.44 on Friday. The firm's 50-day moving average is $12.89 and its two-hundred day moving average is $11.01. The company has a market capitalization of $4.48 billion, a PE ratio of -22.06 and a beta of 1.43. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42.
About Rigetti Computing
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding RGTI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report).
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