Penserra Capital Management LLC Purchases 644,455 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Penserra Capital Management LLC increased its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 41.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,215,671 shares of the company's stock after purchasing an additional 644,455 shares during the period. Penserra Capital Management LLC owned approximately 0.78% of Rigetti Computing worth $17,548,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position 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 valued at $179,249,000 after buying an additional 5,280,128 shares in the last quarter. Invesco Ltd. grew 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 period. JPMorgan Chase & Co. increased its holdings 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 worth $32,314,000 after acquiring an additional 2,055,203 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock worth $15,254,000 after purchasing an additional 806,878 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Rigetti Computing by 536.3% during the 4th quarter. Bank of America Corp DE now owns 505,070 shares of the company's stock valued at $7,707,000 after purchasing an additional 425,689 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Wall Street Analyst Weigh In

RGTI has been the subject of a number of research reports. Cantor Fitzgerald started coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Benchmark reaffirmed a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, May 15th. Finally, Needham & Company LLC lowered their target price on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Six 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 $14.20.

Rigetti Computing Price Performance

NASDAQ:RGTI traded up $0.30 on Monday, hitting $13.75. 50,209,743 shares of the company's stock were exchanged, compared to its average volume of 59,127,170. The firm has a 50-day moving average price of $11.52 and a 200-day moving average price of $11.02. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The company has a market cap of $3.99 billion, a P/E ratio of -19.64 and a beta of 1.43.

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.