MetLife Investment Management LLC Makes New $1.43 Million Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

MetLife Investment Management LLC bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 93,738 shares of the company's stock, valued at approximately $1,430,000.

A number of other large investors have also recently bought and sold shares of the company. Silverleafe Capital Partners LLC acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $554,000. State Street Corp lifted its stake in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Geode Capital Management LLC boosted its holdings in Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after buying an additional 617,506 shares in the last quarter. Veracity Capital LLC acquired a new stake in Rigetti Computing during the fourth quarter valued at $410,000. Finally, Barclays PLC increased its holdings in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock valued at $145,000 after buying an additional 136,443 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Trading Up 16.3 %

Shares of NASDAQ:RGTI traded up $1.49 during midday trading on Friday, reaching $10.63. 68,986,331 shares of the company's stock were exchanged, compared to its average volume of 50,100,076. The firm's 50 day simple moving average is $8.83 and its two-hundred day simple moving average is $8.21. Rigetti Computing, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of -27.97 and a beta of 1.41.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RGTI shares. Benchmark reiterated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley boosted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Finally, Needham & Company LLC restated a "buy" rating and set a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $14.50.

Insider Buying and Selling

In other news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.81% of the company's stock.

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.