Rigetti Computing, Inc. (NASDAQ:RGTI) Stake Boosted by UNICOM Systems Inc.

UNICOM Systems Inc. lifted its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 1,235.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,806,935 shares of the company's stock after acquiring an additional 3,521,935 shares during the quarter. Rigetti Computing accounts for about 6.1% of UNICOM Systems Inc.'s holdings, making the stock its 6th largest position. UNICOM Systems Inc. owned about 1.33% of Rigetti Computing worth $30,151,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after purchasing an additional 5,280,128 shares during the period. Invesco Ltd. raised its stake in shares of 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 buying an additional 4,518,978 shares during the period. JPMorgan Chase & Co. raised its stake in shares of 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 buying an additional 2,055,203 shares during the period. Nuveen Asset Management LLC lifted its position in shares of Rigetti Computing by 418.6% during the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock valued at $15,254,000 after buying an additional 806,878 shares during the last quarter. Finally, Penserra Capital Management LLC grew its stake in shares of Rigetti Computing by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock worth $17,548,000 after acquiring an additional 644,455 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Stock Up 4.8%

NASDAQ:RGTI traded up $0.59 during mid-day trading on Monday, hitting $12.77. 26,272,858 shares of the stock traded hands, compared to its average volume of 75,380,617. The business's 50-day moving average price is $11.90 and its 200 day moving average price is $11.07. The company has a market cap of $3.71 billion, a PE ratio of -18.24 and a beta of 1.43. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on RGTI shares. Benchmark reaffirmed a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, May 15th. Needham & Company LLC dropped their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Finally, 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 objective for the company. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and a consensus price target of $14.20.

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.