Rigetti Computing, Inc. (NASDAQ:RGTI) Shares Purchased by New York State Common Retirement Fund

New York State Common Retirement Fund boosted its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 90.6% in the fourth quarter, HoldingsChannel reports. The firm owned 32,600 shares of the company’s stock after buying an additional 15,500 shares during the period. New York State Common Retirement Fund’s holdings in Rigetti Computing were worth $497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing during the third quarter worth about $45,000. Spire Wealth Management acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $46,000. JPMorgan Chase & Co. increased its holdings in shares of Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares in the last quarter. Activest Wealth Management acquired a new position in shares of Rigetti Computing in the 4th quarter valued at $52,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Rigetti Computing in the 4th quarter valued at $76,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Stock Performance

Shares of NASDAQ:RGTI opened at $7.86 on Wednesday. The business’s 50 day moving average price is $12.30 and its 200-day moving average price is $5.75. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. 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 has a market capitalization of $1.51 billion, a PE ratio of -20.68 and a beta of 1.26.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the transaction, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.81% of the company’s stock.

Analyst Upgrades and Downgrades

RGTI has been the subject of a number of analyst reports. Benchmark upped their price objective on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Craig Hallum began 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 $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, B. Riley upped their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th.

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.