JPMorgan Chase & Co. Buys 2,045 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

JPMorgan Chase & Co. lifted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 3.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,360 shares of the company’s stock after buying an additional 2,045 shares during the period. JPMorgan Chase & Co.’s holdings in Rigetti Computing were worth $49,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp boosted its stake in shares of Rigetti Computing by 12.9% during the third 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. Charles Schwab Investment Management Inc. raised its holdings in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares during the last quarter. Geode Capital Management LLC boosted its position in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares during the period. Barclays PLC grew its holdings in Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after acquiring an additional 136,443 shares during the last quarter. Finally, Penserra Capital Management LLC increased its position in shares of Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after acquiring an additional 407,389 shares during the period. Institutional investors own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RGTI. Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reiterated a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Finally, B. Riley raised their price target on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has an average rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Trading Up 1.9 %

Shares of NASDAQ:RGTI opened at $13.72 on Wednesday. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The stock’s fifty day moving average price is $10.27 and its 200-day moving average price is $4.28. The company has a market cap of $2.64 billion, a P/E ratio of -36.10 and a beta of 1.26. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the transaction, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last quarter.

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.