28,825 Shares in Rigetti Computing, Inc. (NASDAQ:RGTI) Bought by Prudential Financial Inc.

Prudential Financial Inc. purchased a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 28,825 shares of the company's stock, valued at approximately $440,000.

Several other hedge funds have also modified their holdings of RGTI. Vanguard Group Inc. grew its holdings in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after buying an additional 617,506 shares in the last quarter. State Street Corp increased 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 worth $2,126,000 after buying an additional 309,831 shares during the last quarter. UNICOM Systems Inc. bought a new position in shares of Rigetti Computing in the 4th quarter valued at about $4,349,000. Finally, SBI Securities Co. Ltd. purchased a new position in Rigetti Computing in the fourth quarter worth about $3,503,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.81% of the stock is owned by insiders.

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Rigetti Computing Trading Down 3.4 %

Shares of RGTI traded down $0.32 during trading hours on Friday, reaching $9.10. 27,356,481 shares of the company traded hands, compared to its average volume of 48,632,511. The stock's fifty day moving average price is $9.64 and its 200 day moving average price is $7.36. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of -23.95 and a beta of 1.41. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period in the prior year, the firm earned ($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

RGTI has been the topic of a number of recent research reports. Needham & Company LLC restated a "buy" rating and set a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark restated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price objective on the stock. Finally, B. Riley raised their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $14.50.

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.