Mission Wealth Management LP Has $79,000 Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Mission Wealth Management LP lowered its position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 85.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,028 shares of the company's stock after selling 58,000 shares during the quarter. Mission Wealth Management LP's holdings in Rigetti Computing were worth $79,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in RGTI. Vanguard Group Inc. lifted its stake in 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 acquiring an additional 5,280,128 shares during the last quarter. Invesco Ltd. lifted its stake in 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 acquiring an additional 4,518,978 shares during the last quarter. JPMorgan Chase & Co. lifted its stake 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 valued at $32,314,000 after acquiring an additional 2,055,203 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in Rigetti Computing by 418.6% in the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock valued at $15,254,000 after acquiring an additional 806,878 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Rigetti Computing by 536.3% in the fourth quarter. Bank of America Corp DE now owns 505,070 shares of the company's stock valued at $7,707,000 after acquiring an additional 425,689 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Price Performance

Shares of NASDAQ RGTI opened at $11.35 on Friday. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of -16.21 and a beta of 1.50. The stock's fifty day moving average price is $10.85 and its two-hundred day moving average price is $10.55.

Analysts Set New Price Targets

Several brokerages recently commented on RGTI. Benchmark reaffirmed a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Needham & Company LLC reduced their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $14.00.

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.

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