Geode Capital Management LLC Buys 617,506 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Geode Capital Management LLC boosted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 20.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,621,829 shares of the company’s stock after purchasing an additional 617,506 shares during the quarter. Geode Capital Management LLC owned about 1.89% of Rigetti Computing worth $2,837,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Penserra Capital Management LLC lifted 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 worth $3,565,000 after buying an additional 407,389 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after acquiring an additional 400,143 shares during the last quarter. State Street Corp increased its stake in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the last quarter. Rhumbline Advisers purchased a new stake in shares of Rigetti Computing during the 2nd quarter worth approximately $161,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of 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 acquiring an additional 144,742 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Analysts Set New Price Targets

RGTI has been the topic of several research reports. Needham & Company LLC restated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley boosted their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Craig Hallum assumed coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Stock Down 5.7 %

Shares of NASDAQ RGTI opened at $18.39 on Wednesday. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of -48.39 and a beta of 1.31. The stock has a 50 day moving average price of $6.48 and a 200 day moving average price of $2.89. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Buying and Selling 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 Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the transaction, the director now owns 1,188,864 shares of the company’s stock, valued at $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the transaction, the insider now owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. This represents a 3.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock valued at $5,489,354 in the last ninety days. Corporate insiders own 2.81% of the company’s stock.

Rigetti Computing Company 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.