Janney Montgomery Scott LLC Takes $206,000 Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Janney Montgomery Scott LLC bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 26,024 shares of the company's stock, valued at approximately $206,000.

Other hedge funds have also added to or reduced their stakes in the company. California State Teachers Retirement System boosted its position in shares of Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after buying an additional 1,301 shares during the last quarter. Signaturefd LLC purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $25,000. Legal & General Group Plc boosted its position in shares of Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after buying an additional 1,817 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $28,000. Finally, Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $32,000. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Stock Down 3.6%

RGTI stock traded down $0.48 during midday trading on Thursday, hitting $13.03. The company's stock had a trading volume of 25,542,300 shares, compared to its average volume of 59,338,102. The stock's 50-day moving average price is $11.87 and its 200 day moving average price is $11.10. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of -18.61 and a beta of 1.43.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Benchmark reaffirmed a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, May 15th. Cantor Fitzgerald assumed coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price on the stock. Finally, Needham & Company LLC cut their target price on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $14.20.

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.