State Street Corp Has $2.13 Million Stake in Rigetti Computing, Inc. (NASDAQ:RGTI)

State Street Corp lifted its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 12.9% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,715,223 shares of the company's stock after purchasing an additional 309,831 shares during the quarter. State Street Corp owned about 1.42% of Rigetti Computing worth $2,126,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Penserra Capital Management LLC boosted its stake in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after acquiring an additional 407,389 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock valued at $901,000 after purchasing an additional 144,742 shares during the period. SG Americas Securities LLC raised its holdings in shares of Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock valued at $49,000 after buying an additional 39,526 shares during the last quarter. Point72 DIFC Ltd acquired a new position in Rigetti Computing during the 2nd quarter worth $88,000. Finally, XTX Topco Ltd boosted its holdings in shares of Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company's stock valued at $167,000 after acquiring an additional 143,697 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.

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Rigetti Computing Stock Performance

NASDAQ:RGTI traded up $4.74 during midday trading on Thursday, reaching $20.00. The stock had a trading volume of 185,233,609 shares, compared to its average volume of 22,856,375. The stock has a market capitalization of $3.85 billion, a P/E ratio of -52.63 and a beta of 2.72. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $20.00. 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 firm's fifty day simple moving average is $5.05 and its 200-day simple moving average is $2.36.

Analysts Set New Price Targets

Several brokerages recently weighed in on RGTI. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 target price for the company. Needham & Company LLC reiterated a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley lifted their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a "buy" rating in a research note on Monday, November 25th. Finally, Benchmark reiterated a "buy" rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $4.80.

Insider Activity

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the company's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now owns 1,188,864 shares of the company's stock, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is owned by insiders.

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.