Park Square Financial Group LLC Buys New Stake in Rigetti Computing, Inc. (NASDAQ:RGTI)

Park Square Financial Group LLC bought a new stake 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 institutional investor bought 5,000 shares of the company’s stock, valued at approximately $40,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of Rigetti Computing by 27.4% during the 4th quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company’s stock worth $6,817,000 after purchasing an additional 96,099 shares during the period. US Bancorp DE purchased a new position in shares of Rigetti Computing during the 4th quarter worth $74,000. Jones Financial Companies Lllp purchased a new position in shares of Rigetti Computing during the 4th quarter worth $50,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Rigetti Computing during the 4th quarter worth $83,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Rigetti Computing by 15.6% during the 4th 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. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Benchmark reaffirmed a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, May 15th. Cantor Fitzgerald initiated coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 target price for the company. Finally, Needham & Company LLC decreased their price target on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $14.20.

Rigetti Computing Trading Down 6.5%

RGTI opened at $12.18 on Friday. The business’s 50 day moving average is $11.90 and its 200-day moving average is $11.10. The stock has a market cap of $3.54 billion, a PE ratio of -17.40 and a beta of 1.43. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42.

About Rigetti Computing

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.