Rhumbline Advisers Boosts Stock Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Rhumbline Advisers raised its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 17.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 273,818 shares of the company’s stock after acquiring an additional 39,743 shares during the period. Rhumbline Advisers owned approximately 0.10% of Rigetti Computing worth $2,169,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. GAMMA Investing LLC increased its stake in Rigetti Computing by 15,050.9% in the 1st quarter. GAMMA Investing LLC now owns 25,605 shares of the company’s stock valued at $203,000 after purchasing an additional 25,436 shares in the last quarter. Modus Advisors LLC purchased a new position in Rigetti Computing in the 1st quarter valued at approximately $84,000. Wellington Management Group LLP purchased a new position in Rigetti Computing in the 4th quarter valued at approximately $2,876,000. California State Teachers Retirement System increased its stake in 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 in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in Rigetti Computing in the 4th quarter valued at approximately $168,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $12.16 on Tuesday. The stock has a market capitalization of $3.53 billion, a P/E ratio of -32.00 and a beta of 1.50. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The business’s fifty day moving average is $10.73 and its two-hundred day moving average is $10.48. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on RGTI shares. Benchmark reiterated a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Needham & Company LLC decreased their price objective on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, May 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average 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.