Fortem Financial Group LLC Purchases Shares of 34,706 Rigetti Computing, Inc. (NASDAQ:RGTI)

Fortem Financial Group LLC purchased a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 34,706 shares of the company's stock, valued at approximately $275,000.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after buying an additional 5,280,128 shares during the last quarter. Invesco Ltd. increased its position in Rigetti Computing by 7,367.2% in the fourth 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 during the last quarter. Geode Capital Management LLC increased its position in Rigetti Computing by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after buying an additional 228,391 shares during the last quarter. Penserra Capital Management LLC increased its position in Rigetti Computing by 41.0% in the first quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock worth $17,548,000 after buying an additional 644,455 shares during the last quarter. Finally, JPMorgan Chase & Co. increased 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 buying an additional 2,055,203 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RGTI. Needham & Company LLC reduced their price target on 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 restated a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, May 15th. Finally, Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $14.20.

Rigetti Computing Stock Down 6.5%

Shares of NASDAQ RGTI traded down $0.85 during midday trading on Friday, reaching $12.18. The company had a trading volume of 30,335,109 shares, compared to its average volume of 59,605,486. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42. The firm's fifty day moving average price is $11.90 and its 200-day moving average price is $11.10. The stock has a market cap of $3.54 billion, a PE ratio of -17.40 and a beta of 1.43.

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.