Rigetti Computing, Inc. $RGTI Stock Holdings Increased by MetLife Investment Management LLC

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 raised its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 18.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 have also recently added to or reduced their stakes in RGTI. GAMMA Investing LLC grew its position in Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after acquiring an additional 3,064 shares during the period. Center for Financial Planning Inc. purchased a new stake in Rigetti Computing during the first quarter valued at about $30,000. Park Square Financial Group LLC acquired a new position in shares of Rigetti Computing during the first quarter worth about $40,000. Orion Capital Management LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter worth about $46,000. Finally, US Bancorp DE boosted its position in shares of Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock worth $49,000 after buying an additional 1,420 shares during the period. Hedge funds and other institutional investors own 35.38% of the company's stock.

Insider Buying and Selling

In related news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total value of $58,157.96. Following the sale, the chief financial officer owned 183,581 shares of the company's stock, valued at approximately $2,724,342.04. This trade represents a 2.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the firm's stock in a transaction that occurred 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 trade represents a 8.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,694 shares of company stock worth $1,698,130. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research report on Wednesday, July 16th. Williams Trading set a $20.00 price target on Rigetti Computing in a research report on Wednesday, August 13th. Benchmark boosted their price target on Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Finally, B. Riley boosted their price target on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $17.43.

Rigetti Computing Stock Down 0.1%

NASDAQ:RGTI traded down $0.02 during trading hours on Friday, reaching $15.10. 33,404,048 shares of the stock were exchanged, compared to its average volume of 38,924,204. The firm has a 50 day simple moving average of $15.02 and a 200-day simple moving average of $11.81. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The stock has a market capitalization of $4.89 billion, a P/E ratio of -19.87 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $1.87 million. As a group, analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

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.