Rigetti Computing, Inc. (NASDAQ:RGTI) Stock Holdings Boosted by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC boosted its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 106.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 122,058 shares of the company's stock after purchasing an additional 63,036 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Rigetti Computing were worth $967,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted 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 last quarter. Invesco Ltd. increased its position in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares during the period. Geode Capital Management LLC lifted its stake in Rigetti Computing by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock valued at $58,767,000 after buying an additional 228,391 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after acquiring an additional 2,055,203 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Rigetti Computing by 15.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company's stock worth $20,290,000 after acquiring an additional 179,656 shares during the last quarter. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Trading Down 4.5%

RGTI traded down $0.53 on Tuesday, reaching $11.33. The company had a trading volume of 28,075,085 shares, compared to its average volume of 58,341,035. The company has a market capitalization of $3.29 billion, a P/E ratio of -16.19 and a beta of 1.50. The company has a fifty day moving average of $11.23 and a 200-day moving average of $10.93. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42.

Analysts Set New Price Targets

RGTI has been the topic of a number of analyst reports. Benchmark reaffirmed a "buy" rating and issued 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, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $14.00.

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.