Janney Montgomery Scott LLC Purchases Shares of 26,024 Rigetti Computing, Inc. (NASDAQ:RGTI)

Janney Montgomery Scott LLC purchased a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 26,024 shares of the company’s stock, valued at approximately $206,000.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. grew its position in Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after acquiring an additional 5,280,128 shares in the last quarter. Invesco Ltd. raised its stake in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. Geode Capital Management LLC raised its stake in Rigetti Computing by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock worth $58,767,000 after buying an additional 228,391 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Rigetti Computing by 15.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company’s stock worth $20,290,000 after purchasing an additional 179,656 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RGTI shares. Needham & Company LLC cut their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, May 14th. Cantor Fitzgerald started coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 target price on the stock. Finally, Benchmark reiterated a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and an average target price of $14.20.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $13.21 on Monday. The firm’s fifty day moving average is $11.52 and its two-hundred day moving average is $11.02. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of -18.87 and a beta of 1.43. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42.

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.