MetLife Investment Management LLC Purchases 17,221 Shares of Rigetti Computing, Inc. $RGTI

MetLife Investment Management LLC grew its position in Rigetti Computing, Inc. (NASDAQ:RGTI) by 18.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 110,959 shares of the company’s stock after purchasing an additional 17,221 shares during the quarter. MetLife Investment Management LLC’s holdings in Rigetti Computing were worth $879,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock worth $26,000 after purchasing an additional 3,064 shares during the period. Center for Financial Planning Inc. bought a new position in shares of Rigetti Computing during the first quarter worth $30,000. Park Square Financial Group LLC bought a new position in shares of Rigetti Computing during the first quarter worth $40,000. Orion Capital Management LLC bought a new position in shares of Rigetti Computing during the fourth quarter worth $46,000. Finally, US Bancorp DE boosted its position in shares of Rigetti Computing by 29.4% during the first quarter. US Bancorp DE now owns 6,248 shares of the company’s stock worth $49,000 after acquiring an additional 1,420 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Williams Trading set a $20.00 target price on shares of Rigetti Computing in a research report on Wednesday, August 13th. Benchmark upped their target price on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, August 13th. Needham & Company LLC upped their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 target price for the company. Finally, Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Rigetti Computing presently has an average rating of “Buy” and an average target price of $17.43.

Rigetti Computing Stock Down 0.1%

RGTI stock opened at $15.10 on Friday. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The company has a fifty day simple moving average of $15.02 and a two-hundred day simple moving average of $11.80. The firm has a market capitalization of $4.89 billion, a P/E ratio of -19.87 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The business had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, Director Ray O. Johnson sold 40,420 shares of the firm’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the sale, the director owned 419,756 shares in the company, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO David Rivas sold 44,355 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total transaction of $658,671.75. Following the completion of the sale, the chief technology officer owned 730,568 shares of the company’s stock, valued at $10,848,934.80. This trade represents a 5.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,694 shares of company stock worth $1,698,130 over the last three months. 1.90% of the stock is owned by company 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.