Rigetti Computing, Inc. (NASDAQ:RGTI) is American Assets Investment Management LLC's Largest Position

American Assets Investment Management LLC decreased its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 10.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,221,216 shares of the company's stock after selling 859,363 shares during the period. Rigetti Computing comprises about 9.0% of American Assets Investment Management LLC's investment portfolio, making the stock its biggest holding. American Assets Investment Management LLC owned 2.53% of Rigetti Computing worth $110,196,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Rigetti Computing by 15.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company's stock worth $20,290,000 after purchasing an additional 179,656 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Rigetti Computing by 27.4% in the fourth quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company's stock worth $6,817,000 after acquiring an additional 96,099 shares during the period. UNICOM Systems Inc. bought a new stake in shares of Rigetti Computing in the fourth quarter worth $4,349,000. Rhumbline Advisers grew its holdings in shares of Rigetti Computing by 15.8% in the fourth quarter. Rhumbline Advisers now owns 234,075 shares of the company's stock worth $3,572,000 after acquiring an additional 31,895 shares during the period. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Rigetti Computing in the fourth quarter worth $3,503,000. Institutional investors own 35.38% of the company's stock.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This trade represents a 24.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.90% of the company's stock.

Rigetti Computing Trading Down 7.1%

NASDAQ RGTI traded down $1.01 during trading hours on Thursday, hitting $13.15. 47,426,415 shares of the company were exchanged, compared to its average volume of 54,610,252. The stock has a 50-day moving average price of $9.82 and a 200 day moving average price of $9.46. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The stock has a market cap of $3.82 billion, a PE ratio of -34.60 and a beta of 1.41.

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

Analyst Upgrades and Downgrades

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