Prudential Financial Inc. Takes $440,000 Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Prudential Financial Inc. bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI) in the 4th quarter, Holdings Channel.com reports. The firm bought 28,825 shares of the company’s stock, valued at approximately $440,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares in the last quarter. State Street Corp boosted its stake in Rigetti Computing by 12.9% in the third 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 in the last quarter. Jane Street Group LLC grew its position in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after acquiring an additional 47,013 shares during the last quarter. Barclays PLC raised its stake in shares of Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after acquiring an additional 136,443 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Up 21.6 %

NASDAQ RGTI opened at $9.39 on Thursday. The business’s 50-day moving average is $9.81 and its 200 day moving average is $7.24. The stock has a market capitalization of $2.68 billion, a PE ratio of -24.71 and a beta of 1.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick 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 announced its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $2.27 million during 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 quarter in the prior year, the company earned ($0.04) earnings per share. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction dated Tuesday, March 11th. The shares were 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 of the company’s stock, valued at $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.81% of the company’s stock.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of analyst reports. Benchmark reiterated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research 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 Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, B. Riley boosted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company 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, the company currently has an average rating of “Buy” and a consensus price target 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.