Nuveen Asset Management LLC Increases Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Nuveen Asset Management LLC increased its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 418.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 999,617 shares of the company's stock after buying an additional 806,878 shares during the quarter. Nuveen Asset Management LLC owned about 0.52% of Rigetti Computing worth $15,254,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in RGTI. Signaturefd LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at $25,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at $28,000. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at $32,000. Spire Wealth Management purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at $46,000. Finally, JPMorgan Chase & Co. boosted its holdings in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after purchasing an additional 2,045 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents a 24.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.90% of the company's stock.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock traded down $0.66 during trading hours on Thursday, reaching $13.50. The stock had a trading volume of 25,028,487 shares, compared to its average volume of 54,526,228. The stock's 50 day moving average is $9.82 and its 200 day moving average is $9.46. The firm has a market capitalization of $3.92 billion, a PE ratio of -35.51 and a beta of 1.41. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The firm had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the prior year, the firm earned ($0.04) EPS. Equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. B. Riley upped their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Benchmark reaffirmed a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Needham & Company LLC lowered their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target 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.