Yarbrough Capital LLC Makes New Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

Yarbrough Capital LLC acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 50,001 shares of the company's stock, valued at approximately $396,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its stake in shares of Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after purchasing an additional 1,301 shares during the last quarter. Allworth Financial LP raised its stake in Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after acquiring an additional 1,504 shares in the last quarter. Signaturefd LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth about $25,000. Legal & General Group Plc lifted its holdings in shares of Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after acquiring an additional 1,817 shares during the last quarter. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the 4th quarter valued at approximately $28,000. 35.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on RGTI. B. Riley increased their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Benchmark reissued 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 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. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $14.00.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. The trade was a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.90% of the company's stock.

Rigetti Computing Trading Up 0.4%

Shares of NASDAQ:RGTI traded up $0.04 during mid-day trading on Monday, reaching $11.32. 43,236,478 shares of the company's stock were exchanged, compared to its average volume of 55,805,433. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42. The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of -29.79 and a beta of 1.50. The business's fifty day moving average price is $10.27 and its 200-day moving average price is $10.08.

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.