SBI Securities Co. Ltd. Cuts Stake in Rigetti Computing, Inc. (NASDAQ:RGTI)

SBI Securities Co. Ltd. lessened its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 26.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 167,737 shares of the company's stock after selling 61,791 shares during the period. SBI Securities Co. Ltd. owned 0.06% of Rigetti Computing worth $1,328,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Steward Partners Investment Advisory LLC bought a new stake in Rigetti Computing during the 4th quarter valued at $83,000. JPMorgan Chase & Co. increased its stake in Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after purchasing an additional 2,055,203 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Rigetti Computing during the 4th quarter valued at $848,000. Jones Financial Companies Lllp bought a new stake in Rigetti Computing during the 4th quarter valued at $50,000. Finally, Alliancebernstein L.P. increased its stake in Rigetti Computing by 11.5% during the 4th quarter. Alliancebernstein L.P. now owns 155,480 shares of the company's stock valued at $2,373,000 after purchasing an additional 15,980 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Price Performance

Shares of NASDAQ RGTI traded up $3.85 during trading on Wednesday, hitting $16.57. The stock had a trading volume of 130,339,437 shares, compared to its average volume of 59,841,691. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month high of $21.42. The company has a market capitalization of $4.81 billion, a PE ratio of -23.70 and a beta of 1.43. The firm has a fifty day moving average of $12.02 and a two-hundred day moving average of $11.05.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday. Benchmark restated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, May 15th. Needham & Company LLC decreased their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company 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 set an "overweight" rating and a $15.00 price target for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $14.20.

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.