Rigetti Computing, Inc. (NASDAQ:RGTI) Shares Acquired by Corebridge Financial Inc.

Corebridge Financial Inc. increased its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 3.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 78,368 shares of the company’s stock after purchasing an additional 2,727 shares during the quarter. Corebridge Financial Inc.’s holdings in Rigetti Computing were worth $1,196,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Silverleafe Capital Partners LLC acquired a new stake in shares of Rigetti Computing in the 4th quarter worth $554,000. State Street Corp raised its holdings in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Rigetti Computing by 14.4% in the third 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. Geode Capital Management LLC boosted its holdings in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Finally, Veracity Capital LLC acquired a new position in Rigetti Computing during the 4th quarter worth approximately $410,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RGTI has been the subject of several recent analyst reports. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark restated a “buy” rating and issued 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. Finally, B. Riley boosted their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing currently has an average rating of “Buy” and an average price target of $14.50.

Rigetti Computing Price Performance

RGTI stock opened at $7.50 on Friday. The stock’s 50 day moving average price is $10.23 and its 200 day moving average price is $6.98. The firm has a market cap of $2.14 billion, a P/E ratio of -19.74 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate 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 return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the prior year, the business earned ($0.04) earnings per share. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the business’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 transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.81% of the stock is owned by insiders.

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.