MetLife Investment Management LLC Raises Holdings in Rigetti Computing, Inc. $RGTI

Key Points

• MetLife Investment Management LLC increased its holdings in Rigetti Computing, Inc. by 18.4%, acquiring an additional 17,221 shares during the first quarter, bringing their total to 110,959 shares valued at approximately $879,000.
• Significant activity from other hedge funds also occurred, with GAMMA Investing LLC boosting its position by 1,813% and various firms purchasing new positions, highlighting growing institutional interest in the company.
• Wall Street analysts have set optimistic target prices for Rigetti Computing stock, with several analysts projecting a target price of $20.00, reflecting an average rating of "Buy" from six analysts.

MetLife Investment Management LLC increased its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 18.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 110,959 shares of the company's stock after acquiring an additional 17,221 shares during the period. MetLife Investment Management LLC's holdings in Rigetti Computing were worth $879,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Rigetti Computing by 20.7% in the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock valued at $112,283,000 after buying an additional 2,430,758 shares in the last quarter. UNICOM Systems Inc. raised its stake in shares of Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after buying an additional 3,521,935 shares during the last quarter. Penserra Capital Management LLC raised its stake in shares of Rigetti Computing by 41.0% during 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. Charles Schwab Investment Management Inc. raised its stake in shares of Rigetti Computing by 40.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company's stock worth $14,798,000 after buying an additional 538,792 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Rigetti Computing by 29.3% during the first quarter. Northern Trust Corp now owns 1,716,562 shares of the company's stock worth $13,595,000 after buying an additional 388,479 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Stock Up 2.2%

RGTI traded up $0.33 during trading on Tuesday, reaching $15.48. The company had a trading volume of 9,423,580 shares, compared to its average volume of 67,653,461. The business has a 50 day simple moving average of $15.08 and a 200-day simple moving average of $11.84. Rigetti Computing, Inc. has a 52 week low of $0.67 and a 52 week high of $21.42. The stock has a market cap of $5.02 billion, a P/E ratio of -20.30 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The company had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 44,355 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the transaction, the chief technology officer directly owned 730,568 shares of the company's stock, valued at approximately $10,848,934.80. The trade was a 5.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the transaction, the chief financial officer directly owned 183,581 shares of the company's stock, valued at $2,724,342.04. The trade was a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,694 shares of company stock valued at $1,698,130.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RGTI shares. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price target for the company. Williams Trading set a $20.00 target price on shares of Rigetti Computing in a research note on Wednesday, August 13th. Benchmark raised their price target on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Finally, Needham & Company LLC raised their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $17.43.

About Rigetti Computing

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.