Rhumbline Advisers Boosts Stake in Rigetti Computing, Inc. (NASDAQ:RGTI)

Rhumbline Advisers boosted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 17.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 273,818 shares of the company's stock after acquiring an additional 39,743 shares during the quarter. Rhumbline Advisers owned about 0.10% of Rigetti Computing worth $2,169,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of RGTI. Stephens Inc. AR purchased a new position in Rigetti Computing during the 4th quarter valued at $229,000. Allworth Financial LP boosted its stake in shares of Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after purchasing an additional 1,504 shares during the period. Fortis Group Advisors LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at $222,000. New York State Common Retirement Fund grew its holdings in shares of Rigetti Computing by 90.6% in the fourth quarter. New York State Common Retirement Fund now owns 32,600 shares of the company's stock worth $497,000 after purchasing an additional 15,500 shares during the last quarter. Finally, Global Retirement Partners LLC purchased a new position in Rigetti Computing in the 4th quarter worth about $193,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of research reports. Needham & Company LLC reduced their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Benchmark reaffirmed a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, May 15th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $14.00.

Rigetti Computing Trading Down 2.4%

Shares of RGTI traded down $0.27 during midday trading on Friday, hitting $11.08. 21,252,238 shares of the company's stock traded hands, compared to its average volume of 57,550,337. The firm's fifty day moving average is $10.85 and its 200-day moving average is $10.55. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of -15.84 and a beta of 1.50.

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.