Nuveen Asset Management LLC Acquires 806,878 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Nuveen Asset Management LLC boosted its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 418.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 999,617 shares of the company’s stock after acquiring an additional 806,878 shares during the period. Nuveen Asset Management LLC owned about 0.52% of Rigetti Computing worth $15,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Signaturefd LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $32,000. Spire Wealth Management bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $46,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after buying an additional 2,045 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the transaction, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This trade represents a 24.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.90% of the stock is currently owned by insiders.

Rigetti Computing Stock Up 1.2%

RGTI stock opened at $14.02 on Monday. The firm has a 50 day moving average of $9.53 and a 200 day moving average of $9.31. The stock has a market capitalization of $4.07 billion, a PE ratio of -36.89 and a beta of 1.41. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The company had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same period last year, the firm posted ($0.04) EPS. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on RGTI. B. Riley raised their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Needham & Company LLC lowered their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Benchmark reiterated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $14.00.

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.