Janney Montgomery Scott LLC Purchases New Holdings in Rigetti Computing, Inc. (NASDAQ:RGTI)

Janney Montgomery Scott LLC purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 26,024 shares of the company's stock, valued at approximately $206,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in RGTI. Vanguard Group Inc. lifted its stake in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after buying an additional 5,280,128 shares during the period. Invesco Ltd. lifted its stake in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after buying an additional 4,518,978 shares during the period. Geode Capital Management LLC lifted its stake in shares of Rigetti Computing by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock valued at $58,767,000 after buying an additional 228,391 shares during the period. JPMorgan Chase & Co. lifted its stake in 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 period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Rigetti Computing by 15.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company's stock worth $20,290,000 after purchasing an additional 179,656 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on RGTI. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Benchmark restated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, May 15th. Finally, Needham & Company LLC cut their price target 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $14.20.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI traded down $0.22 during mid-day trading on Thursday, hitting $13.29. 16,469,227 shares of the stock were exchanged, compared to its average volume of 59,206,273. The company has a market cap of $3.86 billion, a P/E ratio of -19.02 and a beta of 1.43. The stock's fifty day simple moving average is $11.79 and its two-hundred day simple moving average is $11.08. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42.

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.