Barclays PLC Buys 136,443 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Barclays PLC increased its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 275.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 185,959 shares of the company's stock after purchasing an additional 136,443 shares during the quarter. Barclays PLC owned approximately 0.10% of Rigetti Computing worth $145,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in RGTI. Penserra Capital Management LLC grew its stake 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 valued at $3,565,000 after buying an additional 407,389 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock worth $439,000 after purchasing an additional 400,143 shares during the last quarter. State Street Corp raised its holdings in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Rhumbline Advisers acquired a new stake in Rigetti Computing in the 2nd quarter valued at about $161,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock worth $901,000 after purchasing an additional 144,742 shares during the period. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Performance

Rigetti Computing stock traded down $8.35 during midday trading on Wednesday, hitting $10.04. The company's stock had a trading volume of 299,701,247 shares, compared to its average volume of 175,493,406. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -26.42 and a beta of 1.31. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. The company has a 50-day moving average price of $6.48 and a two-hundred day moving average price of $2.89.

Insiders Place Their Bets

In other news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the sale, the insider now directly owns 19,002,093 shares in the company, valued at approximately $30,973,411.59. The trade was a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the company's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now directly owns 1,313,864 shares of the company's stock, valued at $3,941,592. This represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 over the last ninety days. Corporate insiders own 2.81% of the company's stock.

Analysts Set New Price Targets

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

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.